Dear Eminent Members,
I am an ex serviceman who had put in all his savings in purchase of a house. I am employed in a corporate now. I need help in understanding the legal standing of my potential case related to purchase of a house. I booked a flat with a reputed builder in Greater Mohali in Sep 2009 by paying 15% of cost price. The house was under subvention scheme.
The builder started construction in 2011 and i signed an agreement with the bank and builder for a loan in Oct 2011. The agreement mentioned that the builder will complete the construction in 25-30 months.
It is to be noted that the tax laws provision tax exemption on interest on housing loan for upto Rs 2 Lac if the construction is completed within 3 years of availing the loan. If its delayed then this limit Drops to Rs 30000. Since the builder has taken more than 3 years for construction i will be losing tax rebate on Rs 1.7 Lac per year. This limit of 3 years has been increased to 5 years in the current budget for all loans which will be taken in future.
I wanted to file a legal case under consumer protection act. Is my case tenable? should i file a case now or shall i wait for builder to handover the flat? Need your advice please. If you have any more suggestions on handling this better then please let me know
Regards
Sushil
