Builder give loan to flat holder?

Querist : Anonymous (Querist) 30 December 2011 This query is : Resolved
what type of collateral security document builder would demand from flat owner/holder to pass loan for purchasing flat in his building.

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adv. rajeev ( rajoo ) (Expert) 30 December 2011
It depends on the builder, he may get mortgage the property for which he is giving loan

s.subramanian (Expert) 30 December 2011
Yes. That what is usually done.

Devajyoti Barman (Expert) 30 December 2011
Yes bu creating equitable mortgage, the loan can be given.

Querist : Anonymous (Querist) 30 December 2011
which property is to be mortgage in which we are living or on which property builder giving a loan to us.
if we dont failed to pay loan then which property is to be sold. pls clarify the whole query..........

Deepak Nair (Expert) 30 December 2011
The property for which you have availed the loan. The same property will be sold in case of default.

prabhakar singh (Expert) 30 December 2011
The property on which builder is giving a loan to you.

Devajyoti Barman (Expert) 30 December 2011
Yes t he very property for which the loan id to be given.
If you defaultds in repaying the loan amount then the mortgaged property may foreclosed and sold to recover the amount.

Querist : Anonymous (Querist) 30 December 2011
the property on which builder issuing loan is already in the custody of the builder how builder himself sale his own property to recover the loan, what means the borrower is safe side in this case.

Deepak Nair (Expert) 31 December 2011
Once the property is sold to you it will beocome your property.
If you default, then you will lose the property and certain amount of money out of what you have paid to the builder

Shonee Kapoor (Expert) 02 January 2012
agree

Regards,

Shonee Kapoor
harassed.by.498a@gmail.com

V R SHROFF (Expert) 02 January 2012
Builders knows how to recover loan. you will have to pay higher interest. Better go for Hsg Loans from Nat Banks, and enjoy Tax benefit too.

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