Home Loan Dispute
manish
(Querist) 28 June 2011
This query is : Resolved
Hello Sir/Madam,
I have booked a flat and opt for flexi plan. In this I have already paid 10% amount of total cost.Now I have been asked to Pay 30% of the remaining amount. There is some dispute going on between Farmers and Builders/Authority. Builder is asking for remaing 30% and bank has already approved this property and disbursing loan. Earlier i thought to pay 30% from my side without taking this amount from bank. But due to this dispute I am thinking to take loan from bank and ask bank to pay this 30%.
I would like to know that in case project got stuck or stopped due to adverse circumstances then who would be responsible for payment? Who would be accountable Customer or builder for payment of Banks loan?
Thanks In Advance!!!
Guest
(Expert) 28 June 2011
Bank will have no concern with the builder in case of a home loan disbursed to individual customer. Only customer is liable for repayment of home loan.
AMIT SANKLECHA
(Expert) 29 June 2011
Dear Manish
Opting a Loan & paying it to the builder does not transfers any liability on the bank.
The bank shall have all the rights against you as soon as you utilise the money & if there is a default of repayment from your side.
I would advice you to go with the furthur payment if the hindrances are supposed to be clear or write a seperate Agreement specifying the conditions for repayment of money, if the project is stuck up.
Hope this will suffice your purpose.
malipeddi jaggarao
(Expert) 01 July 2011
When there is a dispute with the builder, instead of settling it, if you wish you to take bank loan and pay, what is your intention? In case if the dispute is not settled in your favour, you would like to escape? Many people think if a Bank loan is obtained, the title deeds are clear and they are safe. Though the bank obtains title report, it is not responsible for any lapses on the part of their advocate in giving such title report. You will be landing in more troubles, though the title is not clear, if you obtain the loan, after some time irrespctive of possession given or not, bank will start demanding EMIs. Hence it is advised to settle the matters before you pay any further money either from your own sources or from the loan obtained from the bank.
