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.