Sagar (Manager) 19 November 2013

Selling plots allocated for economically weaker section

Hi,

I am in the process of buying a plot+constructed home in a gated community in Hyderabad which is a HMDA (Hyderabad Metro Development Authority) approved layout. I have paid the initial 20% advance and started my loan processing with HDFC Ltd, which has denied my loan application stating that the home I am buying is in the 10% of the units in the layout which are allocated to EWS (Economically Weaker Sections). Alloting 10% to EWS is a mandate for the venture to be recognized by HMDA. However, the builder did not disclose this info to me and is suggesting me to move to a different bank (ICICI) which might successfully process my loan application.

Even if ICICI approves my loan, is it ok to buy such a home which falls under EWS? Would this cause any legal implications/penalities to me in the future?

Thanks in advance.

Regards - Sagar.

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3 Replies

Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 ) 19 November 2013

Bankers may deny to give loans. since it is under E.W.S. buy other than E.W.S.

Sagar (Manager) 19 November 2013

Hi, thanks for your reply. I just got to know that ICICI bank is ready to give me a loan on this. Is it safe to go with it? Would this cause any legal issues in the future? I dont have a choice of selecting other unit because the venture is already sold out, only thing I can do is to back out and ask for a refund. Slabs are constructed for the home.