Hi...first thing first...dont panic. Most builders show the land and take about 15-20% (even the top developers) so this builder is no different. Secondly the question of bank disbursing does not arise since all banks will start their payout once you have finished paying off your part of the deal...so for eg your eligibility is 85% of the house amount, then you will need to pay up 15% and show the bank the receipts. If the work has not commenced yet, then the builder may not have received CC and this could take time depending on when he has applied etc.
The best way to approach this is speak to the bankers that the builder is recommending and check if they have a tie-up, in case they do then it should not be a problem except the fact that the project may be delayed by a couple of months (unless the CC factor has been factored in the project completion date conveyed to you)
All the best.
Disclaimer: I have no relations or no idea about this group.
Quote:
Originally Posted by sreekys
My take on this is from a lay man's perspective this does seem to be a tricky issue. Usually disbursements on an under construction project are based on the progress of work so if you are saying there has no work been done that is what sounds fishy and 15% is not a small amount for middle class buyers like us. I have the foll suggestion- Do check if any financial institution has approved this property. In this case they usually do all the pre work which shd be done by the buyer. If yes then its ok if not then also just ask 2-3 financial institutions and gauge their reputation and you may know the real picture. Also under normal circumstances since the rates are always rising builders do give back the token amount not because they are honest but because they can sell the same deal at a higher price to another buyer. You are doing the right thing by asking as many people as possible and not falling into a deeper pit by paying the builder just because he has asked for the money.
|