Dear sir, i want a advice for purchasing of building in visakhapatnam. the details are in below.
we recently choosen a property (individual house) in visakhapatnam. we like that property, so that we planned to purchase. i am a salarised person so i want to go for bank loan. from the mediator end he said that the propertry(registered) owned by a some x person and he was died, his legal heirs wife and daughters(married) after x died, wife sold the 3 parts of land. now she putting 4th part (last) of land(in that house built) for sell. when we are asking the mediator for details he said that the property is 30 years old and building age is 7 years old. for loan purpose he said that the property valuation is done the value is for land 28000/- sqyd and for building 16,00,000/- but denied to give loan because in building plan one of the boundary is shown as road (highway). mediator said that some years back it is in position same like in documents after some time the land between highway and building which is government land is occupied by the illegal occupents. so the bank people denying the loan.is it true for this cause for denying.
let me know what types of problems involved in that?
how can i get bank loan?
what type of risk are there?
