I have booked a flat in one underconstruction project in Mumbai. My flat is on 18th Floor and the CC received by the builder is till 10th floor. I have done 30% payment to the builder while for 70% payment I approached to bank for home loan. Builder has sent payment demand due to me for 1st Floor slab. I got loan sanctioned from ICICI bank, but at the time of disbursement, bank informed me that they cannot disburse the loan since the builder has CC till 10th Floor and my flat is on 18th Floor. Bank will not guarantee for your flat. What to do in such case, as bank is not disbursing the loan and builder keeps sending me the penalty/interest for delayed payment. I have paid 30% payment from my pocket....now its not possible for me to pay through my pocket. Home loan is a must for me and builder is not ready to wait. When I asked builder why the CC has not come for floors above 10th...he says it depends on BMC. BMC gives CC to builders in parts. Can I ask builder to wait for payment till CC is available till 18th Floor without charging me interest for delayed payment? Please suggest Thanks in advance
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1) what are terms of your agreement with builder ?
2) if as per your contract payment is payable slab wise then builder will demand payment form you .
3) forward to builder letter received from Bank wherein bank has categorically refused to disburse funds as no commencement certificate received for 18 th floor
4) request builder to wait for payment till CC is available for 18th floor
It is the duty of builder to obtain CC. You can now either refuse to make the payment or pay under protest to later recover it from builder through the process of law.
What to do in such case, as bank is not disbursing the loan and builder keeps sending me the penalty/interest for delayed payment
The bank will follow its own rules for grant or sanction of loan, it cannot dance to the tunes of builder, so you only have to insist this subject to the builder, if he is not accepting the reasons,you can decide about other ways to continue the booking.
Can I ask builder to wait for payment till CC is available till 18th Floor without charging me interest for delayed payment?
Actually the builder cannot demand further payments before completing that stage for which he has already obtained payments.
You may see the sale agreement conditions in this regard and may notify the builder the matter as per the conditions stipulated therein.
