Financing for the foreclosure and auctioned properties - Indian Real Estate Forum

rmagesh75 · 29-04-09

I want to buy a foreclosure property from a bank, the bank says they cant finance for the property. can any one suggest from which bank i can get a home loan to buy this property?

the agent i am dealing with told, he can arrange a loan for me, though most of the banks dont finance for these properties.

Your experience, suggestions and views are highly appreciated.

rmagesh75 · 30-04-09

Hi some body who have knowledge about this issue please respond.

rmagesh75 · 30-04-09

hi guys, some one who have knowledge please give your comments.

ks2071746 · 30-04-09

Dear friend,

It could be the same bank which had loaned the property first time. Of course, for the second time loan, they may give much lower amount, having bitten once. You may have to even put a margin money fof 50%. I have heard about Canara Bank in Andheri of such a case with 50 % margin money.

ks2071746

29-04-09	#1
rmagesh75 New Member Join Date: Oct 2008 Posts: 15 Thanks: 0 Thanked 0 Times in 0 Posts	Financing for the foreclosure and auctioned properties I want to buy a foreclosure property from a bank, the bank says they cant finance for the property. can any one suggest from which bank i can get a home loan to buy this property? the agent i am dealing with told, he can arrange a loan for me, though most of the banks dont finance for these properties. Your experience, suggestions and views are highly appreciated.

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30-04-09	#2
rmagesh75 New Member Join Date: Oct 2008 Posts: 15 Thanks: 0 Thanked 0 Times in 0 Posts	Hi some body who have knowledge about this issue please respond.

30-04-09	#4
ks2071746 Senior Member Join Date: Nov 2008 Location: Tamilnadu Posts: 855 My Mood: Thanks: 1 Thanked 0 Times in 0 Posts	Dear friend, It could be the same bank which had loaned the property first time. Of course, for the second time loan, they may give much lower amount, having bitten once. You may have to even put a margin money fof 50%. I have heard about Canara Bank in Andheri of such a case with 50 % margin money. ks2071746