Builder asking to submit buyers copy of tpt after closing bank loan

What is TPT copy?

Are you referring to third-party transfer from bank account?

Whatever, if there is a delay by bank to disburse the home loan to the builder then the builder is well within his rights to charge interest for the delayed payment.

If the builder delays handing possession then you go through the conditions of the sale agreement about the penalty clause for this delay and demand penalty from builder by issuing  a legal notice and followed by a complaint before consumer redressal commission.

Yes, Tripartite Agreement (TPT) and PTM (Permission to Mortgage). Why does the builder need a buyer's copy? What should I do? 

The builder's request for the buyer's copy of the Tripartite Agreement (TPA) or the loan documents is likely due to the following reasons:

Reasons Behind the Request 1. *Verification of Loan Closure*: The builder wants to confirm that the loan has been fully repaid and that the property is free from any encumbrances.

2. *Removal of Lien*: By obtaining the buyer's copy of the TPA, the builder can ensure that the lien created by the bank in favor of the loan is removed.

3. *Compliance with RERA*: The Real Estate (Regulation and Development) Act, 2016 (RERA), requires builders to maintain transparency and disclose all relevant information to buyers. By obtaining the TPA, the builder can demonstrate compliance with RERA. 

Consequences of Not Submitting the TPA If you refuse to submit the buyer's copy of the TPA: 

1. *Delay in Possession*: The builder might delay handing over possession of the property until they receive the TPA

. 2. *Dispute Resolution*: The builder might initiate dispute resolution proceedings, which could lead to additional costs and delays. 

3. *Potential Legal Action*: In extreme cases, the builder might take legal action against you for non-compliance. Recommended Course of Action To avoid any potential issues:

 1. *Verify the Builder's Requirements*: Confirm with the builder why they need the TPA and what they plan to do with it.

2. *Seek Professional Advice*: Consult with a lawyer or a real estate expert to understand your rights and obligations. 

3. *Submit the TPA (If Required)*: If the builder's request is legitimate, submit the TPA to avoid any delays or disputes.