According to www.foreclosureIndia.com, the banks will start the auction at a price 25% less than market value. Now if the property has had a good appreciation from the time it was bought, then there's a chance that one could even be able to make some profit?
The downside here though is that one's credit history will get spoiled and that would impact future loan eligibility severely.
what happens if I can't repay the home loan
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ecopackindia
- Posts: 46
- Joined: May 4th, 2010, 3:44 pm
Re: what happens if I can't repay the home loan
Dear Sir,
The properties put on auction/sale by the banks are on `ASS IT IS WHERE IT IS` basis. More than 50% of these apartments have violations and deviations. 50% of the sites are DC Converted or other type approvals. Bank loans or auctions does not mean that the titles are clear. Check before you ink.
25% EMD has to be paid immediately and you should be in a position to get it registered within a month. Most of the banks does not prefer to relend it on the same property, provided that the buyer has very good credit rating, good amount of saving and repaying capacity.
Take Care
ecopackindia
The properties put on auction/sale by the banks are on `ASS IT IS WHERE IT IS` basis. More than 50% of these apartments have violations and deviations. 50% of the sites are DC Converted or other type approvals. Bank loans or auctions does not mean that the titles are clear. Check before you ink.
25% EMD has to be paid immediately and you should be in a position to get it registered within a month. Most of the banks does not prefer to relend it on the same property, provided that the buyer has very good credit rating, good amount of saving and repaying capacity.
Take Care
ecopackindia