A Borrower Whose Property Is Mortgaged With The Bank Usually

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

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