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Excess disbursement by bank to builder over demand

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Excess disbursement by bank to builder over demand

Last updated: September 19 2020
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  • Excess disbursement by bank to builder over demand

    For my under construction property in thane, builder 1st demand letter was for 70% but the bank disbursed 75% to builder.

    Now this excess pay come to my notice going through ledger. I paid around 50k interest on this extra amount loan in 1year. I want to know who is liable to reimburse extra credited amount interest of 50k on 5L amount, builder or bank.

    Bank sanctioned for Agreement value and GST. They paid extra amount than the demand letter issued by builder. The bank mngr says based on the Cost sheet item he calculated and disbursed amount. I did not give explicit consent to the first disbursal and only confirmed my OCR. what legal actions I can take if i do not receive my money
  • #2

    #2

    Re : Excess disbursement by bank to builder over demand

    I think the Bank is at fault and you should formally write to them asking the to seek refund from the Builder of the extra amount paid.

    Wait for the Bank's response to decide on further course of action.
    Please read IREF rules | FAQ's

    Comment


    • Subramanya
      Subramanya commented
      Editing a comment
      Hi Manoja,

      Thank you for reply. I had sent mail parallely to builder and banker. The builder has refused saying that the bank is in fault as they have made excess disbursement. While bank replied that builder should not have accepted the excess payment in escrow account.
      I have escalated to the second level in bank. I feel this escalation will also not work as bank manager called me and said you had acknowledged the payment schedule but I said to him i acknowledged only my own contribution over same mail

      Can the team please let me know what legal actions I can take and which forum would be apt to resolve my issue. Civil court/consumer forum etc? And is it worth to undertake this legal battle in terms of labour, time, money and effort.

      Thanks in advance
      Last edited September 23 2020, 01:37 PM.

    • MANOJa
      MANOJa commented
      Editing a comment
      Not sure as to how to procced. I think you need to consult a Lawyer.
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