What if I told you that there's a legal loophole that lets you buy real estate at 40-50% discount?
That would be a crazy development right.
India's home to 2 lakh crore rupees worth of defaulted home loans and this isn't just a banking problem, it's actually your golden opportunity. Every year, thousands of properties are auctioned by banks desperate to recover some of their money.
The catch is that they don't really care about market prices. Their only goal is to clear the outstanding loan amount as soon as possible which often leads to discounts of 30-40% and if you are lucky then you could also get over 50 percent off in the property you are interested in.
This happens because banks prioritize recovering loans, not the property's actual value. There are websites like bankeauctions.com and bankportals where there are list of over 10,000 such auctions annually. You could score your dream property for less than you'd spend on a rental deposit even in South Mumbai.
But why are buyers not capitalizing on these legal steal deals yet?
This is something even I can't understand or is it that people are indeed using these portals a lot but keeping things on the down.
