On dated 6th November, 2014, I booked a flat in bangalore by paying 1 lac and before booking it I asked the builder to book this flat only when I am eligible for loan upto 85%-90%. But after seeing my documents (financials) he promised me that the loan will be offered to you by LIC, SBI or Axis Bank. But even after loan application was cancelled by LIC and SBI banks, on 8th December, 2014, he said I am going to apply the loan witk Axis Bank and I am sure that this bank will issue loan to you. But till date, i.e., on 21st August 2015, he has not communicated anything about the loan. I requested him in April 2015 through sending an email requesting him that I want to apply loan application with ICICI Bank and please give me the documents required for loan application. But he replied that he is trying his best for loan with Axis Bank. Last week I inquired by visiting the project site where the flat booked by me is located, I came to know that the builder has sold the concerned flat to anyone else in the month on May 2015.
I am very much interested to buy this flat but the builder has not given me the document required for loan application of the said flat and now he says that the booking amount will not be returned as it was my duty to avail the loan with the banks...........
Could I take legal action action to buy this flat because builder has cheated me by hiding the truth from me. I have saved all communications made to him through email from time to time.......
23 August 2015
At one place you say you have booked the flat by paying Rs. 1 lakh and the other place you say that you asked the builder to book the flat only when you are eligible for House Loan. What exactly you mean by "Booking". Is there sale agreement? What is the mode of payment of this Rs.1 lakh? By cash or cheque? Why did the Banks reject your application again and again? As per your query, it appears you have not entered any written commitment for booking the flat. If such is the case, you will have to concentrate to reocver the money paid by you instead of harping on the flat.
24 August 2015
Hi, The word booking means, the builder was asking me to deposit Rs. 1 lac as advance payment for booking the flat. After paying Rs. 1 lac through cheque and getting a receipt against this advance payment, I requested the builder to return this advance money to me in case there is no loan from any bank after one month period as you have said that within 20 to 25 days the loan will be offered to you. For your question regarding why the loan application was rejected from two banks, the reason is, I belong to Delhi and I have been appointed by a company in Bangalore on one year of contract. So, LIC and Axis banks have rejected my application but after the said rejection, I requested the builder to give me the required document which are to be demanded by the ICICI Bank because ICICI Bank could offer me loan but he is lingering on the matter.and there is no sale agreement made between me and the builder till date....
24 August 2015
You have paid Rs.1 lac through Bank account. There is no written sale agreement. He has given receipt for Rs.1 lac you have paid.
Whether the receipt contains clearly that the money is advance for booking Flat No.___ @ __etc.? If receipt contains these particulars you can definitely ask for the Flat and related documents to obtain loan. If it does not, it is difficult and better you try to get back your money.
26 August 2015
It appears there is a fundamental problem in your approach. Instead of relying on the builder, you should have taken the responsibility for arranging the loan. It is your over-dependence on the builder that is the root cause of the present confusion.
Get the documents from him ( he has no right to keep them), arrange the loan and move forward.