Developer unable to produce documents to bank for loan, I want to cancel and get refund
I have booked 2 flats with a developer and have told the developer that I will be applying for loan to SBI only as I believe they have the best verification process. Now SBI has rejected the loan application saying below concerns
1) Couple of original linked deeds not available, they are producing certified copies.
2) Conversion of total land area to bastu is not present. A discrepancy on 3 decimal of land.
3) Sale and purchase of undivided piece of land spotted.
Now the developer is saying they will deduct 10% of the invested amount and then only return the money. And also pressurizing me to take loan from other banks.
But I don't believe other banks approval and verification process and want my money back as I feel the property is not clean.
Any suggestions and help is welcome.
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Asked 4 years ago in Civil Law
Thank you for your valuable suggestions.
However I have few questions and would appreciate your inputs on the below points
1) The property is not registered under RERA or HIRA as they claimed they started sometime back when it was not required. In this case, where should I lodge my case ?
2) Is there any time stipulation to lodge the complaint ? As I have sent them email reminder once after sending them email that I want my Money back, but haven't received any response.
3) The agreement says " Cancellation by Purchaser : The Purchaser shall have the right to terminate this agreement at any time and if the Purchaser does so, the Developer shall refund to the Purchaser all payments received till date, without any interest, after deducting 10% of the investment amount including cost of cancellation of registration of this agreement".
Does this mean Developer gets the right to deduct 10% of the property value ? I have paid 10% of the property value before signing the agreement.
The agreement also says " Documentation for Loan : The Developer shall provide to the Purchaser all available documents for the Purchaser availing loan from Banks and Financial Institutions to finance the purchase of the said property and appurtenances.
Please guide me on how to proceed on this.
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Asked 4 years ago