Dear Sir, i have booked a flat in Amarpali-La -Residentia -Noida Extension in 2010. 1.Initially the flat was financed by LICHFL, but they stop disbursement as they said project is not approved. 2.then i balance transferred my loan to Axis. 3.Now to DHFL In this period i paid some cash from my savings. for the delayed payment they are charging me 70000/ still bank is not financing the full sum which is in tune of 3 lacs+interest i need to understand what is my fault if the bank is not disbursing,builder is not giving possession, and i am supposed to pay interest. i got a SIBIL card of more then 830 points , which means i am not a defaulter. kindly suggest why i should pay interest for the fault of theres. Regards Devendra Naithani
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If the title of the proeprty is not clear then bank may not disburse the loan.
But this deficiency must be informed by the Bank and you will be given a chance to apply for other bank.
But if the bank sits idle then you can file case before the consumer forum for damages and cmesnation.
If the delay is not out of fault of the builder then he can charge the penalty if the same is mentioned in the sale agreement.
pay amount under protest . take possession of flat
2) then file complaint before consumer forum and seek refund of interest paid by you on grounds loan was not disbursed as project did not have sanctioned plans
3) seek litigation costs and compensation for mental torture undergone by you
Dear Concerned,
You need to figure out for what exact period this money is being charged for - If it is for the initial days when LICHFL stopped disbursement due to non approvals , you may not have to pay. But if in case that for the time when you have been changing Banks - they can penalise as per the agreement terms.
Best of Luck
agreed -my question is why LICHFL has sanctioned my loan if the papers were not proper. -i am not changing banks but to change . -what for dealer not giving possession but charging interest. **its matter of agony not money..means us normal people are at mercy of system? *****if i file legal of mental agony what all i have to spent and consequences.
at time of loan sanction housing finance company scrutinises whether builder has all approvals in place for carrying out construction
2)noida extension projects had faced legal problems as SC had stayed the construction . hence LICHFL would not have disbursed further loan amounts
3) builder cannot charge you interest if project did not have the approvals for carrying on construction
Dear Concerned,
Most of the financial institutions have done such blunders and have landed the investors / buyers like yourself in trouble.
If you have paid majority of the loan amount (cost of the flat) and are about to get the possession in that case it is not suggested to go into any form of litigation with the developer till the possession is handed over to you and preferably the registry is done.
However in case majority of the money is yet to be paid then you may go ahead and file for releif you are looking at . The litigations with between the developers and the investors / buyers can be anything from criminal complaints to consumer complaints or recovery suits whatever applicable .
Best of Luck
You cannot be penalised for the act of the banks. Refuse to pay the penalty through a legal notice. Move an application to consumer forum for deficiency in service and plead for compensation for delay in delivery of possession and for directions to the builder to deliver the possession of the flat.
You cannot blame the builder for the banks not disbursing loan for technical reason.
You should have verified the status of the project and the availability of loan or eligibility for loan etc before booking the flat. The demand by builder for delayed payment shall be in accordance with the terms and conditions of the sale agreement entered with him.
The possession shall be given only when the full payment is made, so you have to arrange for payment through whichever financial institution is willing to give loan.
If the builder had promised to arrange for loan through the bank/institution, then why this loan was rejected by the institution at a later date, did you not get a legal opinion before booking for the property?
You may not be a defaulter as per CIBIL ratings but that will not entitle you to get exemption from paying the interest for the delayed payment to the builder.
-my question is why LICHFL has sanctioned my loan if the papers were not proper.
This question only LIC shall answer or you could have sent a legal notice to the organisation at that time when they rejected the sanction of further loan at a later stage demanding the reasons for this.
what for dealer not giving possession but charging interest.
For taking possession you should have made the payments in full, therefore the interest is charged for the delayed payment.
its matter of agony not money..means us normal people are at mercy of system?
*****if i file legal of mental agony what all i have to spent and consequences.
This is a result of not following the procedures properly when you were required to do them. You had been casual for the problems at that time had it not been, you would not have faced any problem now. There is no reason for agitating over the lapses in your side for not enquiring properly about the project, not taking legal opinion into the purchase before booking the flat, not even taken anything seriously when the LIC rejected the loan application, had been changing bank after bank for loan without realising the actual problem within. You could have taken action against the builder very long ago for the lapses on his side when you started facing problems with banks/financial institutions for loan. Even now you can communicate to the builder refusing to pay the penal interest owing to his delay in completion of the construction work.
Discuss with an advocate at least at this stage for initiating any legal action, if there are any chance for that.