Regarding flat


dear sir

i have purchased a penta house for rs.62,10,101 on subvention plan for no EMI for 1 year. i had paid 15% on booking and the bank sanctioned loan of rs. 50 lac.as a 75% amount the bank has issued a cheque of rs.42,40,314/- to handover to the builder.alongwith fril calculation of rs. of interest of total rs.417307/- for 12 months against rs. 4657621/-of 75% of total amount. on demanding receipt the builder has given two receipt ofrs 4240314 and 417307 separately.

besides this the builder is asking for rs.143920/- as service tax.

i would like to know what is subvention plam.

has the bank befooled me by  charging advance interest for 12 months.

do i have to pay the service tax.

what explanation i can demand from bank and builder.

i need guidance from u.

thanks

rajesh

 
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subvention Plan is

On your behalf the bank pays the EMI to the builder for the tenure of the plan in which you have booked a flat and interest of EMI is paid by the builder for that particular period. And your actual emi starts after the end of subvention plan period. And service tax has to be paid to the builder.

 
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