Last Saturday, my brother Avi and I went somewhere. While coming, we were waiting for the signal.
While waiting, one big commercial building caught my eye.
It’s in a prime location. Perfect location for commercial activity.
- It’s on the main road
- nearby metro stop
- near the bus stop
- enough foot traffic
- nearby IKEA store
You name it, this building location has it.
But unfortunately, the building is completely empty. While observing, I noticed that the building is now under ICICI’s control. The Bank team has written something on the main door in painting saying something like under ICICI bank loan….
After reading, I understood it’s a Loan issue case.
Honestly, I felt very bad seeing that property lost by its owner. It’s a B+G+4 building. The owner could EASILY be getting more than 4 lakh monthly rent on that building. It could be more.
He is losing that gem because he couldn’t make a proper loan payment.
Very bad.
If you are taking a construction loan, take what you can easily afford. Don’t take a loan carelessly.
If you cannot make payments on time every time, the bank guys simply take control of the building by giving some notices.
Due to this mistake, the building owner will have a negative history on his records. In the future, banks will think again before sanctioning a loan to him.
So it’s a good thing to keep in mind.
Arun