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.
alwaysQUOTE=sval;57205]One of my friends have been told by a Developer that Residence Visas are issued only to those who have completed all payments for the property, ie, those who have taken them on Mortgage are not eligible for a Residence Visa unless the mortgage has been fully paid up and the property is registered in their name.
This seems quite absurd ! Can anyone clarify this?[/quote]
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