All the people investing in 20% / 80% schemes of builders should be aware that the builder has taken his full money from the bank and in event of default you are equally liable viz the bank can come after your assets. More so if the project is incomplete , there is no asset per se except land and a structure kind.
This is a serious issue and should be kept in mind.
Those who want to speculate via this route seem very vulnerable.
Your assets means all assets
If you have a family member jointly signing with you , even all their assets are covered in this ambit !
So If you have to enter into such an arrangement , do it only with the top firms in Reality sector but with knowledge that you are equally & fully involved !
btw - what is top firm these days
ps - this will be more important for people around you with medium income levels trying to get rich quick or board the property train in a big way...in such difficult recessionary times , jobs aren't so certain & secure , vulnerability is much higher..please guide them well & earn some Karma points !!
