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Author Topic: Bank loan processing is taking long and builder wont wait  (Read 468 times)

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Offline vishnupratheek

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Bank loan processing is taking long and builder wont wait
« on: September 03, 2015, 05:31:53 AM »
Hello Sir,

We were looking forward to buying a property and have identified one in the month of February. However, the legal verification took really long (almost 6 months) and we were recently given a clearance from the lawyer. However, we have paid an advance of 2 lakhs in the month of February. Now, the builder is not ready to wait for even a month while we are trying to accumulate the money and the loan gets processed simultaneously. Any suggestion on how to get the paid advance back in case we cancel the booking.
Also, they have raised the price in between as the market price in that location has increased. We agreed to that too.

Regards,
Vishnu

Offline adv.amarnath

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Re: Bank loan processing is taking long and builder wont wait
« Reply #1 on: September 03, 2015, 07:30:48 AM »
You can ask the promoter to refund of your money but if there is a specific clause in your agreement for sale regarding deduction or penalty, then the promoter can refund the advance money after deducting the penalty and refund the balance.

Or
 
You can file a consumer case against the bank including the promoter with an alternative prayer and relief.
Regards,

Amarnath Sanyal
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