Refund of Home Booking Advance..!
Question:
Recently I given
Rs.1 lakh for an advance amount to a promoter and booking the flat. But, the
bank rejected the home loan application. In this situation the promoter cum builder
not given the advance amount.. What I do?
K. Muthu Suriya, Chengalpet
Answer:
Refund of advance
amount will depend on the terms & conditions governing the transaction. Need to know whether any Receipt
was issued by the promoter cum builder and if it contains any clause covering
the refund process.
It is also not
clear as to the reason for not getting the home loan. Is it because of the
fault of the builder or promoter (The property title not clear, Proper approvals
not obtained or / deviation of approval plans etc..) or / due to the fault of
the property buyer (Like Income not enough, Based on CIBIL Report, the loan
track not good (etc).
It is possible to
approach Consumer Court for refund & compensation.
Please consult a
good lawyer, give him/her full details mentioned above & initiate action,
after sending a legal notice to the builder /or promoter.
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