[quote=sval;57259]
Quote:
Originally Posted by vishal73
According to my understanding, the mortgage company will pay the developer as per the payment plans required by them For eq. 10% downpayment, 30% after 3 months,60% after possession. And the owner of the Apt. will pay the mortgage company as per their agreement and tenure. So I dont think this question arise as the developer's payment is always made as per their plan and they should not be having any problem issuing the residence visas.
Plz. clarify if I am wrong.
Yes; but according to the current Residence Visa rules, a buyer is eligible for a Visa only after the Property is registered in his name - which can happen only when the mortgage is paid off.
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From what I know ( correct me if I am wrong ). Irrespective of taking a mortgage or not. The title deed will be registered in your name at the time of handing over.
The owner is bound to the mortgage company by the tri partite agreement that he has signed and has nothing to do with a residence visa part of it.
Thanks Sval, a very important and a very valid question.
Regards
Roshan