subject: A Borrower Whose Property Is Mortgaged With The Bank [print this page] A BORROWER WHOSE PROPERTY IS MORTGAGED WITH THE BANK
Usually, 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 outstanding from the compensation he owes to the resident. Or, if the new project is financed by another bank, it may buy out the loan from the new bank. Under the first option, the builder can take up the mortgage as he would be demolishing the house to build a new construction. Till the new construction is in place for the owner to reoccupy, the liability would be on the developer as far as the lien is concerned. Once the borrower has occupied his new house, the lien would be reverted to the actual owner, says Gulam Zia, national director, research & advisory services at Knight Frank India. There is no written rule in this regard as the concept of redevelopment is at a nascent stage and is evolving with time. Hence, every resident should clarify his own doubts with the developer and ensure the agreement clearly spells out these facts.
Courtesy By: The Economic Times Dtd: July 6, 2010For more information about real estate, real estate india, Indian real estate, property, property in india, Indian property, property for rent, rented property, apartment for rent, rented apartment, flats for rent, rented flats in mumbai, property for sale in mumbai, apartments for sale in mumbai, flats for sale in mumbai homes for sale in noida, flats for sale in noida, real estate in noida, investment option in noida, real estate consultant in noida, realty firm houses in noida, residence in noida, residence in mumbai, residence in gurgaon, flats for rent in gurgaon Log in to http://www.zameen-zaidad.com/ And http://www.propertycafeteria.comby: Zameen Deepak
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