Hi All,
I have booked a property from a builder in Dec 2009. I entered into an agreement with the builder in Feb 2010. I arranged for a housing loan from SBI (project is approved by SBI) and it was sanctioned in Mar 2010. I had only paid my portion of amount outstanding to the builder upon signing of agreement. Once the HBL was approved bank paid the rest of the amount which was the intial 20% of the payment schedule provided by builder.
After that they kept sending me demand letter as per their payment schedule and I kept paying it. I remember the payment was delayed on one or two occasions from my side but the builder never informed me officially(notice, letter, phone etc..) or unofficially (verbal etc..) that my payment is getting delayed and they would charge interest on it. Since all the original demand letter is with bank I am not sure on how many occassions I have delayed the payment which as per them was supposed to be paid within 15 days of demand otherwise an interest @16% per annum would be charged as per agreement. Moreover, in the subsequent demand letters they never mentioned that the previous payment was delayed and there are any charges for it. So I was under impression that they are waiving off the interest on delayed payment as it is also written in the agreement that interest on late payment is at discreation of builder. This way I kept paying and as of date I have paid a total of 90% of the total cost of the flat.
Now the flat is ready and they have sent me a Notice of Possesion and asked me to pay rest 10% of the total cost and some extra charges (e.g generater charges etc..) as per agreement. They have also added another charge under the heading Interest on delayed payment to the tune of Rs 1,27,000.
I am now shocked to see that they have charged interest on delayed payment which I was not made aware until now when they have asked for final disbursment through Notice of Possession. I want to understand that how valid is their case as they never informed me that my payment was getting delayed. They kept silent for all these years and after 3 years they have calculated compounding interest and asking me to pay. I have asked them to provide me the breakup of how they calculated this figure which I am yet to get.
Please let me know what options do I have open with me. Paying Rs1,27,000 as interest for delayed payment which I was not made aware when it actaully became due and now now being asked to pay restrospectively is not an easy thing for me.
Please help.
Thanks,
Pankaj
