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FAQ: How to deal with a sale agreement? - Property Hotline
Posted
June 10, 2016
Views
378
Likes
2
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June 10, 2016
378
2
0.53%
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6:44
4:38Now PlayingBe Un Confused
Expert: Kartik Jhaveri, Founder & Director, Transcend Consulting Pvt Ld
Q: I made the downpayment for an under-construction property in Hyderabad in February 2016. Recently in May 2016, the builder prepared the sale agreement. He is asking me to go to HDFC Bank for the loan; else he says he will cancel the booking. What options do I have? I have the valid receipts for the payment.
Answer: Firstly the builder must be referring to HDFC Ltd. and not HDFC bank. As such he cannot force you to go to a specific institution to avail a loan nor can he threaten to cancel your booking after you have got the allotment letter. Now he may be doing so because he probably has an ESCROW arrangement with HDFC. You can approach the consumer court with your grievance. However if you do not wish to get into any legal hassle then you can take the loan now from HDFC and if needed switch institutions in future.
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