Owning the house is a dream for every Indian, especially middle class. However, rising inflation in the real estate sector and an endless housing loan forced many people to pause this dream.
But on the other hand, several builders and their false scheme “without EMI until possession” imprisoned up to 4.3 Lakh Indians to pay emissions for a home that they could never get, warned users Reddit.
“It starts with a dream, your own home. The creator offers a” no EMI until possession “. You pay 10% in advance, the bank issues 80% of the loan, and the builder promises to cover the pre-emis for 2-3 years,” the user said in a viral post.
He warned, however, that although it “sounds safe”, it was exactly what the Lakhs of the Indians were imprisoned.
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“There are 4.3 Lakh Homebuyers now a stuck emiss for stopped projects. Builders have stopped paying, disappeared or constantly pulling construction for years. The buyers pay both rent and emissions for houses that probably never get,” said the user in a long Reddit post.
Redditor explained that the ugly truth is that a housing loan is in your name, not a builder. “If the defaults are, the bank still comes to you. Even if the house is not delivered, you have to pay. Missing EMI? Your credit score will hit the hit.”
“The builders abused these schemes blatantly: diversion of funds to other projects, pretending milestones, even issuing false completion of completion,” he said, quoting examples of tens of units in cities such as Noida, Thane, Greater Noida and Grumram.
“For many families, it is a financial nightmare and years of savings, future income locked and nothing to show up. Some reserved homes when their children were at school; today are children at university and home is still a construction site,” the user added.
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Redditor repeated his warning and said, “He never fell on the trap” without possession “. Avoid subjugation schemes if you have verified every detail; registration of rera, custody accounts, funds. ”
“In the area of real estate, trust is without verifying how dreams turn into debt,” he added.
This is how Netizens reacted:
Several social media users resonated with the Council of the Rediter and also shared their personal experience with builders.
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“Never reserve houses in projects with insufficient construction.
“Trust anyone. Suppose everyone is fraud because builders are by definition with complete Goons and fraud,” he added.
The user said, “Booking an apartment before construction is to pay a double amount. Never invest if the apartment is almost not ready to move.”
Another said, “Unfortunately, when buying land, construction or construction, a trust plays a big role and there is no way to verify it, especially in space where players are not known or are not familiar.”
(Tagstotranslate) House Ownership (T) Indian Middle Class (T) Housing Loan (T) No Emi Till Possess (T) Real Estate Sector (T) Real Estate (T) Homebuyers (T) Stalled News
