Builder demanding interest for delay payment
I did the agreement to sale on 13th Feb. There was clause that if remaining amount not paid within 21 days, I will have to pay 18% interest. I applied for home loan in SBI and the amount disbursed on 16th Apr by SBI. Now builder (actually sales agent) demanding 65000 as penalty. He is not ready to talk or negotiate. How should I proceed? 1. NOC from builder was submitted in bank on 29th Feb 2. Builder said 55000 is interest for delay and 10000 is fee of home loan agent 3. Builder has not sent any demand letter mentioning interest for delay
If you had agreed with the terms that in case you delay in paying the amount you shall pay interest at 18% then you have to pay, however if no demand notice is addressed by builder then sit quiet till the time he sends so...(THIS IS THE SITUATION WHERE YOU ARE IN POSSESSION OF THE PROPERTY) and 2nd thing about 10k as home loan agent it should be none of your business if you had not agreed to it while opting for loan. basically your not required to pay for home loan agent. The builder may negotiate the amount later on
Advocate Pankaj KandhariFort, Mumbai
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