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Banks can’t save you from housing scams

There is a popular opinion that one can take a bank loan and let the bank do the due diligence. Well, if “bank people” are giving you the money, they know what they are doing, right?

Well, check out this news article about RRB Housing Company Limited in Chennai. Banks gave loans to home buyers to buy property from this property developer, and it was found later that the developer did not even own the land. Wow!

http://realty.economictimes.indiatimes.com/news/regulatory/rs-300-crore-scam-builder-son-arrested-for-cheating-more-than-220-chennai-homebuyers/50814784

The banks are now going after the home buyers to recover the loans for properties that they never received!!!

Be smart. Be safe. Get PropertyChek!

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