Penalty for late payment of loan to builder
Hi,
Few Years back I have taken a Home Loan of around 36Lakhs.I did the pre Booking and paid ~3 Lak as initial fees and then I have to arrange for a money of 80% of the House value ~36 Lakhs within a month.But a renowned XXXX Bank denied me loan as I was working with a small company and they ddidnt find it reasonable enough to provide me Loan.Later another renowned Bank YYYY gave me loan but it took 2.5 months for me to arrange for it.
Finally when I contacted the builder they have charged my a penalty of 1.35 lakhs .In my all the communications from them they haven't clearly intimated that what this amount is and said that this amount will be settled at the time of possession.
Anyway the builder is already late and we are filing a case for the late possession under CPA(Consumer Protection Act) in a consumer court.
I wanted to know is the charge they have levied on me of 1.35 lakhs for the late payment of the loan (which in any case is due to the failure in getting the loan from one bank and then delay by another bank), am I eligible to challenge this on a legal ground.Or is it I am at fault stuck between the Bank and the Builder and I have to pay this amount.
Kindly Provide your view on this.
Thanks and Rgds,
Rp
Asked 9 years ago in Property Law
Religion: Hindu