Don Dsouza, Pune
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Home loan on a property undergoing redevelopment.
Q: Hi, I am planning on purchasing a flat in a society that is scheduled for redevelopment in the next 6 months - 1 year. I would be availing a home loan from SBI to fund the purchase. Would the redevelopment impact the loan agreement that I have with the bank? If yes, what is the impact and what can I do to mitigate any risk.

Latest Answer: For that you have to make the agreement first and check whether there is any such clause that have mentioned the possession after redevelopment work. If there is no such clause and redevelopment work takes 2-3 years, in this situation you can not do anything. Ask the builder to give u in written that you will get your property after redevelopment.

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