Legal Question in Real Estate Law in India
I opted down payment plan with builder to buy flat.but bank was at that time has option of construction linked.i got loan scantioned as per construction linked plan but in agreement down payment plan was mentioned. At that time builder gave aletter to bank that he has no objection if he get the payment of down payment plan as per construction plan.but now after 95 % payment as per construction plan now he is demanding for intrrest on late payment.
2 Answers from Attorneys
challenge his demand it is illegal. you can send him a legal notice .for further query contact 9312411481.
24.03.2014
Dear Sir / Madam,
In an Agreement for Sale pertaining to property, "down payment" refers only to the first initial payment made by the purchaser to the builder / seller to book the property. All subsequent payment installments are referred to as scheduled payments. In your query, since the builder has consented to payment installment release as per the stage of completion method to the builder by the bank, the builder cannot demand any interest on late payment from you.
Regards,
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