Can I sell or rent out the apartment before I finish repaying the loan? | Ask Banky

Editor-in-Chief Mohamed Salah

ع

Editor-in-Chief Mohamed Salah

Can I sell or rent out the apartment before I finish repaying the loan?

Asked by Banky team 2 months ago
Banky team Reviewed editorial answer

Throughout the repayment period, the property is mortgaged in the bank's favour (a sale ban). You have no right to sell the unit, assign it, change its use, or rent it out (particularly in subsidised social housing apartments) until the entire debt has been repaid and you obtain a clearance from the bank to release the mortgage.

Discussion

Join the discussion

Sign in to add your comment or reply to other readers.