A BORROWER WHOSE PROPERTY IS MORTGAGED WITH THE BANKUsually, redevelopment is a common occurrence among old properties. But in cities such as Mumbai or Delhi, its common for a home buyer to buy used flats from the third or fourth sale if they are vying a particular suburb at a discounted price. But what happens to the loan as the property would be demolished by the developer? In such cases, there are two options. Either the developer pays the...more
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