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DELAY OF LOAN DISBURSEMENT DUE TO A BANK DROPPING CLOSING

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DELAY OF LOAN DISBURSEMENT DUE TO A BANK DROPPING CLOSING

Last updated: July 6 2019
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  • DELAY OF LOAN DISBURSEMENT DUE TO A BANK DROPPING CLOSING

    hello all,

    I have booked a flat in a high rise gated community (avaas by nebula project, miyapur,hyderabad).The plan was to pay through loan. We were informed that the amount needed to be paid in installments. Like 10% by the time of 1 year and so on. So the loan was going to be disbursed in the same manner.

    So there is a seperate loan department in the organisation itself which facilitates loans.Intially we started the process for loan with X bank(india bulls).Due to some problem X bank has cancelled the loan for everyone .This was not initmated or communicated untill we recieved a demand to pay the entire amount of flat or that we were subject to due ,in spetember 2018 (it states - the delayed payment shall result int levy of interest from Jan 2018 , the day on which the amount was orignally due).As soon as we received the letter we contacted the organisation , we started our process for loan with a new bank (again fecilitated by the organisation). The loan got approved in Mar 2019.

    Now in july 2019, the organisation contacts saying that we are supposed to pay the fine cz there was a delay in reimbursement and they are not responsible for the loan delay.


    I want to know even though the organisation is fecilitating the loan , dont they have any responsibility if the bank cancels the loan.arnt they responsible for extending the due date for the payment.?Isnt the organistaion responsible for giving a minimum amount of time before the other loan gets processed?. The organisation is arguing that it takes only a week for loan approval and how did we take 2 months time?


    And can they collect fine without proper prior intimation like a receipt>? All they say is they have sent a letter in september 2018 (this letter doesnt mention about the 10% due ,it asks to pay the entire amount and nothing about the amount of fine) and another letter in Jan 2019 which we didnt receieve.



    -what does this exactly mean? the delayed payment shall result int levy of interest from Jan 2018 , the day on which the amount was orignally due.But the loan was cancelled in septemeber 2018 ? why should we pay from Jan 2018?


    Last edited July 6 2019, 09:38 PM.
  • #2

    #2

    Re : DELAY OF LOAN DISBURSEMENT DUE TO A BANK DROPPING CLOSING

    Can u name the Builder & the Project? An thread may already exist on the Project and there could be other members facing similar issues. If an thread on the Project exists already, this thread would then be required to get merged with the original existing thread .
    Please read IREF rules | FAQ's

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