Tale 1-
My friend has been scouting around for a flat in Chennai. Some of the statements that he got to hear from a few builders..
" We are not selling you the flat, if you are going to take a home loan from SBI"
My friend was keen on getting a loan only from SBI or HDFC as he believes they have a stricter verification process in terms of the property titles.
One another told " We have'nt registered the UDS yet and that bank doesn't sanction the loan , if this is not done. So, you have to compulsorily opt for loan from XXX bank".
Lesson to be learnt ~ Do not deposit your money in banks that you feel are risky and have a less stringent loan verification process :-)
Tale 2-
The tale of another friend has been different yet. He has been asked by builder to pay 4.5 lakhs extra before the possession for " interest charges" for delayed release of payments from the bank. He was wondering what to do. Later after negotiation he settled for a "cash" payment of 1.5 lakhs to the builder after which registration was done.
Lesson to be learnt ~ There is nothing called transparency in real estate transactions, even while dealing with reputed builders. Be on the caution till you get away completely from them.
My friend has been scouting around for a flat in Chennai. Some of the statements that he got to hear from a few builders..
" We are not selling you the flat, if you are going to take a home loan from SBI"
My friend was keen on getting a loan only from SBI or HDFC as he believes they have a stricter verification process in terms of the property titles.
One another told " We have'nt registered the UDS yet and that bank doesn't sanction the loan , if this is not done. So, you have to compulsorily opt for loan from XXX bank".
Lesson to be learnt ~ Do not deposit your money in banks that you feel are risky and have a less stringent loan verification process :-)
Tale 2-
The tale of another friend has been different yet. He has been asked by builder to pay 4.5 lakhs extra before the possession for " interest charges" for delayed release of payments from the bank. He was wondering what to do. Later after negotiation he settled for a "cash" payment of 1.5 lakhs to the builder after which registration was done.
Lesson to be learnt ~ There is nothing called transparency in real estate transactions, even while dealing with reputed builders. Be on the caution till you get away completely from them.
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