Hi team..I have a property under construction and got a loan with Indiabulls. It was all going smooth however suddenly due to some audit problem with the government Indiabulls stopped all their disbursements and many clients got held up like me. My 3 demands went on a hold. After lot of followup for a month I started the process of balance transfer another month passed. Finally Indiabulls disbursed all the pending demands in one go however I was charged a heavy interest for this, I have been telling the builder that the delay in payment has nothing to do with me and I did all possible in my control. The builder responded saying that first I should clear all my dues which are cleared now and then they would look at my interest waiver request. Kindly help as to what are my options here.
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1) builder can charge you interest for delay in making payment
2) your remedy is against India bulls for failure to make payment on time
3) seek compensation from India bulls
4) if it refuses to pay file complaint against India bulls before consumer forum and seek compensation for mental torture undergone by you
1. builder is right
2. he is only going as per the contract
3. if there was any issue from the bank's side in disbursing the amount, then the purchaser was liable to make the payment to the builder before it became due
4. when bank sends a disbursement, it gives a message to the customer that so and so amount has been paid to builder towards EMI
5. if there was some issue with the bank and the amount was not paid on time, then you should have paid it. When you did not get message from bank about the monthly EMI payment then you should have inquired with the bank and intimated the builder immediately and also requested the bank to send a message to the builder clarifying on the point
6. so i do not see the builder at fault here
7. now since the payments were missed and due to that you have to incur interest payment, then your remedy is against the bank and not the builder
8. the bank ought to have notified you promptly about the glitch. Since it did not do that (i assume) the bank is liable for deficiency of service
9. so please claim the interest amount from the bank by writing to the banking ombudsman
10. simultaneously you can also pursue matter with builder and request him to waive the interest due to the peculiar circumstances
Complain to RERA.
1) Now that you have cleared all dues and explained the circumstances leading to the delay, beyond your control, you must write to the builder seeking the waiver of the penal interests.
2) You can also write to India Bulls demanding to pay up the penal interest you are being compelled to pay to the builder.
3) You must go through the clause about payments, interest and penalty very carefully to find out of there is anything that favours you.
1) No builder can't charge for interest if property is still under his possession or its under construction property.
2) Kindly check that how much percentage construction work has been completed by builder accordingly that much he can charge and not interest.
3) Read all the agreement clauses whichever you have done in past.
See if builder charge you interest then you can file a claim.before consumer forum against India bulls for recovery of amount that builder charged to you for interest due to there deficiency and delay in disburment.
You have a tripartite agreement bit Indiabulls and the Builder as in this case Indiabulls is the default in payment as per the agreement to the Builder and builder is liable to charge the interest as per the agreement with you there is a shortage of service from Indiabulls and you can approach to the Indiabulls in case there is no interest waiver from the builder to pay the interest amount to the Builder and that amount should not be charged to you in case there is any charge on you for the interest payment then you can move your complaint to the consumer forum in this regard as your service from Indiabulls is covered in consumer dispute
It is no fault of yours the bank should be responsible for the same. Approach Consumer court against bank and builder for compensation
you can file a case against indiabull in district consumer court and seek compensation.
As you say, they will look into the interest waiver request, kindly provide them with the evidence of your situation with the indiabulls.
If you fail in this, you can file a suit against the indiabulls in order to make them compensate you.
Hi,
You are suggested to send strong letter notice to builder denying the payment of interest and pay the builder only due amount and not the interest.
No doubt the delay in payment is beyond your control, however the builder also cannot be held responsible for the reasons that happened at your end.
You may first clear all the dues to the builder and may approach him with a request for waiver of interests explaining the circumstances or at least to reduce the penal interest amount.
Legally you cannot do anything about it.
Send request letter with available proof, to waive off the penalty as it is not your mistake, even though it is your liability to pay to the builder in material of your bank. You can sue the bank for this delayed process and claim the penalty amount from them legally.
