I am the seller of a property in Bangalore.
All property documents / details had been provided to buyer before loan sanction.
The buyer insisted that he would proceed with agreement only after he got it cleared through legal / technical team in ICICI. Valuation people came on Feb 25th or so. They apparently gave him the go ahead, after which we signed the sale agreement on March 1st.
The buyer has given EMI cheques and everything was supposedly ready for disbursement, with registration scheduled for April 3rd.
Now they are raising an objection due to horizontal deviation, deviation from plan and lack of setbacks
Mitigants
The property in existence for nearly 10 years now
Taxes up to date
All construction in the area is similar
ICICI Bank had funded the property in 2004 and loan closed only in Jan.
The loan amount approved is about Rs.20 lakhs, when purchase price is Rs.36.9 lakhs. The buyer is contributing almost 46% (Rs.16.9 lakhs). Properties in the area are sellling for Rs.40-50 lakhs. Considering that, the risk to the bank seems low.
My parents have paid an advance for another home in RT Nagar and were supposed to sign the agreement today (25th) and move this weekend (27th and 28th)
I spent almost $750 to get the PoA attested by the Indian Embassy. They asked for several documents at different points of time, but we gave them everything. They even asked for my PAN Card details, saying it was required for disbursement.
After co-operating with them completely, why are they raising this issue now?
The buyer and his wife are both employed in good companies (Fidelity and Infosys) and their down payment is quite high. Its not as if they are going to default on the loan, even if someone raises an objection later on. I am sure they will deal with it and resolve it.
Did it take them ONE MONTH to realize that there are technical deviations?
If deal falls through, who is going to compensate for all the expenses, incurred by me as well as the buyer?
I fully intend to ensure that the buyer takes up this matter in Consumer Court for compensation, since I would be deducting all my expenses penalty from the advance payment that he has made.
Facility vide application number : 777 8309939
Franchisee code: ADM-0047-164659
Reference Number : 60938697
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