Builder flat purchase
Akhilesh
(Querist) 16 January 2018
This query is : Resolved
I have booked my flat after completion of 10% booking amount. Then I apply for bank loan. Banker verify to property technically and legally. They reply to me your unit is mortgage to GDA by builder. Now I told to builder how can you sold to me when ur unit is already mortgage. He is saying it is normal process all builder is doing this type of work in practice.
You should try to another financial institution for loan.
I requesting to him please refund my money then he reply to me i will deduct 10% of total unit cost.
Now I am asking to expert I think it is a type of fraud which is creat by builder. Where is fault. Please suggest to me what should do.
Please help me.
Ms.Usha Kapoor
(Expert) 17 January 2018
File a case in State consumer Forum if the property is moire than 20 lacs,. Ot5herwise file the case in district consumer forum on account of deficiency of service and suppression of material facts by the builder for suppressing the fact that it was already mortgaged. Also you can lodge -police complaint u/s 420 IPC ON ACCOUNT OF CHEATING BY THE BUILDER.
P. Venu 
(Expert) 17 January 2018
This is a common practice. Some financial institutions are overlooking the initial mortgage by the Builder and sanctioning loans to prospective buyers. Of course, such an 'arrangement' is giving raise to complications, subsequently.
Legally, the Builder has not been fair in suppressing the vital fact. You are entitled for refund without any deduction.
