Hi Experts,
Can I recover my booking amount in following case.
29 June 17: Marketing Partner of Builder told me that payment plan is Subvention which will be 5:90:5, which means we need to pay only 5%. 90% will be paid by Bank and till possession Loan’s responsibility will be of builder and not of us and 5% on possession by us. In case builder fails our risk is only for 5%, we need not to pay any money, as liability starts from possession. They asked about my income details and my income was low, so they suggested for co applicant, which I agreed and they discussed for my loan with another guy, which they said is from Bank, and my loan was confirmed .(NO WRRITEN, ONLY VERBAL)
So I paid 11,000 and signed booking form which says “15% of Flat cost as cancellation charges because of any reason”.
Next month I paid 51000 and 175000 and I signed Agreement with Builder in Stamp paper of Rs 10, which says following in addition of terms and conditions of society.
“That loan’s responsibility will be of allottee” and “15% of Flat cost as cancellation charges because of any reason”
In September 2017 I received call from Bank, that Loan required is higher than what bank can offer in given income.
I communicated this to marketing partner and builder that if loan cannot be passed, then return my money for which they denied. They are offering me small flat and on higher floors.
I don’t want any other flat except one I have booked.
Thanks
