We are not selling you the flat , if you.....!

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.

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