Should i take loan on my name and builder promising to pay EMI?

Somebody from DSA informed me that there Buy back type home loan where i no need to pay any amount amount to bank , only builder will provide the EMI, only home loan would be issued on my name and builder would be given 5% of loan amount to me. as i asked around 6 lacs DSA people telling me that they will apply 3-4 bank in same time so that where you will get huge amount sanctioned in same eligibility which if i apply in one bankthat can be very low. pls advice me how much risk is there in this kind of loans. 

Answers (1)

102 votes

you don't have any risk that the loan is provided to the builder because they want money to construct the flat in that bank provide after laon buy back in that the amount is surely paid by the builder if they are ready to pay so in that you can make any legal writing that he will pay the mount after the laon is grated.

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