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Jayesh   26 May 2022

Builder penalties

Hello Experts!

I have purchased under construction flat in 2017. Immediately after agreement I availed home loan from bank.

Bank timely disbursed first few instalments. But during lockdown bank delayed disbursement of 5 instalments even after continued followup.

Builder has charged 1,65,000/- for delayed instalments.

During pre-booking phase we had clearly mentioned our dependency upon home loan for flat purchase.

Can builder levy penalties for delayed disbursement by bank?



Learning

 3 Replies

Advocate Bhartesh goyal (advocate)     26 May 2022

It's bank's fault and deficiency in services, Filr complaint before Consumer Commission

against nank and builder and claim delayed instalment charge Rs 165000/- and compensation towards mental and physical agony.

Jayesh   26 May 2022

Thanks for valuable guidance. Want to know one more thing, does builder have any legal grounds to levy such penalties? Because bank is impaneled by builder him self.

G.L.N. Prasad (Retired employee.)     26 May 2022

It depends on the agreement terms between builder and flat purchaser. .  A builder is not connected with loan sanction unless such stipulation is stated in the agreement. Negotiate and if you have already received a notice, issue a Notice to the banker for giving such amount for deficiency of service or loan. If you have followed it up with banks and can show records, the bank is bound to reimburse for such loss.  Once again, go through the agreement executed by the bank, whether there was such a clause that exempts them from paying compensation in case of delay in disbursement..


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