IT IS SAD TO NOTE THAT, IN ORDER TO ATTRACT AND SELL THE PROPERTIES, THE SELLERS/BUILDERS/MARKETING AGENTS MAKE STATEMENTS LIKE”THE PROJECT IS APPROVED BY XXXXXX BANK” OR “FINANCE/LOAN IS AVAILABLE FOR THE PURCHASE”, BUT IN MOST OF THE CASES THE BUILDER/SELLER/MARKETING AGENTS OR THEIR AGENTS OFFER FREE SERVICE OF ‘GETTING THE HOME LOAN’ AS A PART OF THEIR SERVICE TO THE CLIENT, BUT THE FACT IS THAT SANCTION OF LOAN NOR THE APPROVAL WILL CONFER ANY RIGHT, TITLE, INTEREST AND OWNERSHIP OF THE PROPERTIES.

THE BUYERS/PURCHASERS OF PROPERTIES ARE MISLED BY THIS WRONG/FALSE  STATEMENT  AND MISREPRESENTATION OF FACTS.

50% OF THE APARTMENTS HAVE DEVIATIONS, VIOLATIONS, LITIGATIONS AND IRREGULARITIES, WHICH THE BUYERS ARE NOT AWARE.

DO NOT BE FOOLED AND MISLED BY THE STATEMENTS LIKE` PROJECT APPROVED BY BANK` OR LOAN IS AVAILABLE` OR `THE SELLER ALREADY AVAILED BANK LOAN`.

IT IS LEARNT THAT IN SOME CASES, WHEN THE OWNER/SELLER WANTS TO SHIFT THE LIABILITY/RISK, THE PROPERTY IS SOLD TO UNSUSPECTING BUYERS STATING THAT XXXXX BANK HAS APPROVED AND THE BUYERS TRANSFER THE EXISTING LOANS FROM BANK TO THE OTHER. 

IT IS A VERY TRICKY AFFAIR. WHEN A BANK BECOME AWARE OF ILLEGALITIES/LITIGATION/VIOLATION/DEFAULT OF THE CLIENT, IT WANTS  TO CLEAR/SHIFT THE RISK/LIABILITY, TO ANOTHER LENDER/BANK. THEY ADOPT SCRUPULOUS METHODS TO CONVINCE THE BUYER TO AVAIL LOAN IN A DIFFERENT BANK AND SHIFT THEIR RISK.