Builder altered initial plan. Bank sanctioned loan but didn't clear it
We have purchased a flat in 2014 in Kolkata , by home loan. as the builder did some alter in building plan . the financial institution asked for revised and final plan . My problem :
1. Though the financial institution sanctioned the loan amount , but did not disburse the whole amount of loan , as documents was not correct but they deducting the emi on whole amount of loan.what to do.
2. Another problem is the space mentioned in agreement as 910 sq ft super built inclusive 20% of super built area , but when we measure the actual space it is around 501 as carpet area ,plan shows 530 area.
Your query is silent on whether you are buying flat which is under construction or is fully constructed.
In case of under construction flat , the bank does partial disbursement means that the payment is made in stages. If you are buying an under construction property, then the bank will disburse payments as the construction progresses.
For example, after completion of first floor, 20% of the payment will be made and so on.
However in case of constructed flat bank will do full disbursement and shall hand over entire payment to seller on your behalf.
If the documents are not correct, then the bank can cancel your loan, so we suggest that you submit the correct documents. However if the bank sanctioned loan on incorrect documents, then bank is also at fault and you can take legal action against the bank in consumer forum.
With respect to your second query if your builder falsely represented you and executed an wrong agreement, then you can enforce that agreement and demand a 910 sq ft super built inclusive 20% of super built area before the district court.
You can also file a police complaint under Section 420 IPC against the builder and take criminal action against him
Regarding your first problem ,you can alter the loan as per the documents furnished by the builder.The amount of the loan can be altered .Secondly if the builder has not given as per agreed conditions you file the consumer complaint in the district forum stating the discrepancies of the space to the forum,The builder can then provide what he has promised.There are other points which needs to be discussed ,for which we need to know other facts.
Advocate Ritesh IsaacBengali Market, Delhi
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