Dear Sir,
Please find below the details;
Agreement Value: . 20, 09, 100/-
Loan Amount Sanctioned: 17, 00, 000/-
Own contribution Amount: 3, 09, 100/-
(Booking amount given of Rs. 1, 00, 000/- on 11/01, Second installment given on 23/02 for Rs. 2, 01, 365/-, third installment of Rs. 7735/-on 17/04)
Initially I applied to Bank of Maharastra for Home loan and after seeing my documents they agreed for the home loan but they were asking me to do first agreement and then they will sanction my loan amount (letter from bank of Maharastra regarding the same has been submitted with the builder), but they were not ready for the agreement without sanction letter. They suggested me to do a loan from HDFC bank as the project is sanctioned/approved by HDFC Bank and your loan will be sanctioned immediately, so I applied for the home loan from HDFC bank, which they sanctioned my home loan for amount of Rs. 17, 00, 000/- on 24/03.
In the meantime, agreement was done on 11/03 after repeated requests.
There was no any demand from the builder, so I requested to give the demand letter and I received it on 14/04, due amount was 3, 31, 501.50/-. It was mentioned on the demand letter that the Cheque should be in favor of ***** ***** Construction. I submitted the demand letter to HDFC bank immediately; they told me that I have to pay Rs. 7, 735/- to builder as my part of payment. Which I paid by Cash approximately on 17/04 and receipt of the same given to the bank, but the due amount by HDFC bank has been kept on hold and the reason told by bank to me was that the project is not yet cleared/approved due to some technical reason and until this issue gets resolved they will not disburse any amount. I have communicated the same to the Builder.
In this regard, I was continuously following the builder and asking about the status of the project. During this period i.e. from 15/04 till the project gets approved I was calling the builder on regular basis to know the status of the project so that the HDFC bank can disburse the due amount on time.
On further enquiry with the HDFC bank, they told me that they have asked the builder to open an account on the name of “M/s ***** ***** JV. The account on the said name was opened in Andhra Bank, Camp Branch near about on 17/06 and the same was informed to the HDFC bank and finally the above mentioned scheme was approved/cleared by HDFC Bank on 22/06.
On the same day I requested to the builder to issue the new demand letter, which I collected on 23/06 where it was mentioned on the demand letter that the Cheque should be in favor of M/s ***** ****** JV, Andhra Bank (In previous demand letter it was in favor of ***** ***** Construction).
In this demand letter, i.e. dated 23/06 where there was an additional interest of Rs. 35, 456.18, by seeing this interest, I immediately asked for the clarification of this additional interest to the builder told me that they will see my file and will reply to me which they does not replied, even they were not attending my calls. So I personally visited the builder’s office and meet the concerned person. on July 26/06 and I discussed the whole case with him and he assured me that he will look into this matter and will discuss with the directors and will reply to me as soon as possible and also asked me to submit the demand letter to HDFC bank by deducting the interest amount i.e. Rs. 35, 456.18/- So I requested HDFC bank to disburse an amount of Rs. 7, 15, 541/-. The HDFC bank disbursed this amount in favor of “***** ****** JV, Andhra Bank, on 08/07.
After this, I was continuously taking follow up regarding the clarification of additional interest with the concerned person through telephone and every time he was just assuring me that he will look into this matter.
Again on 16/09, I requested the builder to give me the new demand letter, which they gave it to me on 17/09 and the amount was 3, 91, 774/- plus there was an additional interest of Rs. 53, 934.07/-. HDFC Bank issued Rs. 3, 91, 774/- in favor of “***** ****** JV, Andhra Bank, which I submitted with the builder on 27/09.
I also meet the concerned person again on 27/09 for clarification on additional interest. Again, he assured me that he will look into this matter and will resolve this issue as soon as possible. I was following with him on regular basis through telephone. Finally on 29/10, he told me that there is an outstanding additional interest of Rs. 75, 000/- which I have to pay to the builder, but he is ready to waive me off of Rs. 25, 000/- and I have to pay only Rs. 50, 000/-
Again I requested him to give me clarification that how this interest is calculated as there was no delay from my side and the bank has delayed the payment due to there was an delay in project approval.
The same is communicated to the builder through emails. But he is not responding to my mails. Now the interest is more than 1, 00, 000/-.
I am requesting them to give me the clarification since June till date they have not given me any valid clarification regarding why they are charging me the additional interest rate. I have all the documents with me and emails which I sent to the builder on regular basis. I understood why builder is charging me additional interest when everything is crystal clear. We are in mental pain due to this issue since we booked the flat.
I talked with HDFC Bank and they told me that the concern project is approved on 22/06 and they are also saying that on which basis the builder is charging late payment interest and you can take strict action against the builder.
Kindly give us advice on what is the remedy as to the possession and additional illegal interest they have charged. Kindly guide us on how to proceed with this and how much we can request for compensation for our mental agony. (As the builder is not responding to our mails and this is happening since June).
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