Things To Keep In Mind While Availing Mortgaged Property
A mortgaged property is one that is purchased by taking a home loan and pledging its original documents to the bank and NBFC. In case of a loan default from the buyer, the bank and NBFC can take over the mortgaged property and further sell it to recover its money. The real estate sector in India has boomed due to property loan, as we know that mortgaged properties as maximum buyers take a home loan to buy their dream house.
But before availing for any mortgaged property you must have to look for the following things which must be beneficial for you.
- Before buying a mortgaged property in India, you should look for a finished house with all amenities. You must ensure that the lending bank and NBFC have already conducted the necessary evaluations and verifications about the property in question and the builder has received all the requisite clearances and approvals from the concerned authorities.
- Once you have shortlisted the mortgaged property for purchase, you must verify all the documents of the property by requesting the seller to provide you with the photocopies of the sale deed and loan documents of the bank and NBFC which has mortgaged the property. Ask for a home loan statement to verify the EMI payment record of the seller which will tell you if he has defaulted on any of the payments. Once you are satisfied with the payment track record of the seller, you can sign the agreement to sell and ask the seller to pay off the entire home loan to the lending bank and NBFC and take a no-objection certificate.
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