simple mortgage taken by promoter will impact buyer?
2 years ago
if the simple mortgage taken by promoter
In between he sell the properties to buyers
and if he fails to repay the amount after some months/years whether the buyer is oblique to pay and his registration is void?
A.Dear Sir,
It is always risky if the promoter is not honest. If promoter fail to pay the loan amount then bankers may turn the tables and claim the property for attachment etc. But, it is in practice to take such loans by promoters.
PLEASE GIVE ME RATING AS RANK 5
It is always risky if the promoter is not honest. If promoter fail to pay the loan amount then bankers may turn the tables and claim the property for attachment etc. But, it is in practice to take such loans by promoters.
PLEASE GIVE ME RATING AS RANK 5
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A.If this scenario rises then it will creates problem for everyone but can be sorted out. See the way it works is Bank gives loan to Builder to construct the property and builder sells the property and repays the loan. When you buy the property from the builder the builder will register the property in your name. But suppose the builder defaults the loan then the Bank will take over the property then in place of the builder either the Bank or someone nominated by the bank will be the executing the Sale deed to complete the registration.
Yes due to all this the process will get complicated and delayed but then you have to live with this.
Yes due to all this the process will get complicated and delayed but then you have to live with this.
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