What is the process to bring sale proceeds to USA?
You would need a CA to help you with all the formalities.
Assuming the loan was fully paid of from Indian funds and you are looking at moving all the funds to US and not investing in another property in India.
- As the property is held for more than 3 years, this would be subject to long term capital gains. This is currently at 10% without indexation and 20% with Indexation. A CA can help you arrive at the tax due. Note the sale proceeds are subject to TDS by Buyer, so he may pay less directly to you and deposit some funds with tax authorities. There is some paperwork involved.
- It would be easy to have the funds can only be credited to your NRO account. Suggest you open one, if you don't have. Else the process becomes more complicated for everyone.
- From the NRO account an PIO can transfer upto USD 1 million every year. A CA certificate is required [essentially stating that taxes are paid and transfer are within limits, etc] for Bank to make this transfer from your NRO account to an account in US.
Further read at RBI
As pointed by others in note, you maybe declaring this property in your US tax returns and this transaction may also be taxable in US. There may be NO benefit under DTAA which a CA maybe able to help you or advise.