Hello Friends,
I have booked the flat few days back. I want to appear for loan in bank.
Bank is asking me to complete the agreement procedure with builder and then come.
But builder is asking us to pay first Maintenance+Water+Elecrticity Charges, Parking Charges, Transfer Charges.
As soon as we pay this he will do agreement thats what he is saying.
As we are new to this, pls provide suggestions

Regards,
Rohan
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  • Suggestions !

    So shall we proceed or not ?
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  • Originally Posted by rohanthengal
    Hello Friends,
    I have booked the flat few days back. I want to appear for loan in bank.
    Bank is asking me to complete the agreement procedure with builder and then come.
    But builder is asking us to pay first Maintenance+Water+Elecrticity Charges, Parking Charges, Transfer Charges.
    As soon as we pay this he will do agreement thats what he is saying.
    As we are new to this, pls provide suggestions

    Regards,
    Rohan


    I think he must be asking you to pay your contribution (10% or 15% depending on the bank), which is pretty much the norm. The bank will also not proceed with the loan formalities until you have the receipts for your contribution.
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  • Ok.. thanks....
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  • Where you booked the flat. Would be great if you share those info.
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  • yeah sure...
    I booked in d akurdi area which is closer to my office in hinjewadi...
    In akurdi lots of construction is goin on ...
    as it is pradhikaran area so def. it is nicely maintained...
    i found locality also quite good.
    U need to travel streight from dange chowk for 3 kms.. for akurdi...
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  • i hope you got the interest rate, processing fees and all other loan details figured out with the bank first. The bank will not initiate the loan, but they can definitely provide you a quote for what they are offering. So now - before you do the agreement etc, is a good time to shop for the loan and decide which bank you want to go with. Get all quote and finalize your bank. Then once the agreement is signed, the bank of your choice can start processing your loan application.

    Originally Posted by rohanthengal
    yeah sure...
    I booked in d akurdi area which is closer to my office in hinjewadi...
    In akurdi lots of construction is goin on ...
    as it is pradhikaran area so def. it is nicely maintained...
    i found locality also quite good.
    U need to travel streight from dange chowk for 3 kms.. for akurdi...
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  • All right.
    After booking the flat, I found the bank. Bank is ready to give me loan. No problem in that.
    But BANK is not proceeding unless i do the agreement with builder and builder is not proceeding unless i pay him the extra money which is included in the estimation.
    Builder is asking to pay that 2.25 lakhs (parking,electricity_water,transfer charges) before agreement in cash.
    Once we pay this CASH, he says that he will immediately do the agreement.
    One more risky thing he is telling that he wont give any such revenue stamped official reciepet for this amount. He says that he takes all this money for his own purpose. He cant give any official receipt for this CASH except letter pad payment recipet.

    I am too much confused because of this. Your inputs are really valuable.

    Regards,
    Rohan
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  • Cash means he wants it in black. It's the norm. Parking is mostly taken in black. Surprising to see electricity and water and transfer charges are required in black too. You won't get any receipt for the same, but you can ask him to prepare the agreement and pay the 2.25L at the same time of registering the agreement, or pay part of 2.25 before, and balance at the time of registration.

    This is normal procedure, used by builders to save tax, and to make our white money black :( If you have any black i.e. non tax paid money, you can use it here.

    Regarding the bank's procedure, they are correct. No bank will give loan without registered agreement, as that is the only collateral for such a huge loan of long tenure. Which bank have you chosen?
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  • thanks a lot ani_meher.. for your detailed analysis...

    I am going for a loan in nationalised bank...!

    As my father himself is currently employed in...!

    Its Indian Bank... Nationalised one..!
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  • Well, dont know how one can be ready to pay in cash? I have paid all my MSEB,etc receipts in cheque and NOT paid for parking to a builder...as its illegal...tell the builder to include this things in agreement...as you will straight away lose all amount paid in black...
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  • PCPune, here is a personal experience. I had to pay for parking in black a few years ago in Thane. Otherwise the builder simply won't sell. True, MSEB and water should be in white only, but this is something you can either pay or break the deal. No other way. Besides, if you have decided you will not cancel the deal, then while selling the flat, you can sell the parking at buying price or even at premium.
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  • I got the meaning..from both of you dear..

    Thanks..

    lets c.. if i can pay the parking charge only by cash before agreement and rest of the amount during agreement.
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  • i got a few more inputs:

    1. Its a common that so many builders ask to pay parking amount, maintenance charges in CASH before agreement.

    2. But before you go for agreement make sure that builder has mentioned about parking,water,electricity,transfer(if pradhikaran) etc. in the AGREEMENT

    3. some builders wont ask for CASH as they may have increased the rate per square feet itself in the prospectus and get their expected profits through the same while other builders go for selling houses at little bit cheaper rate and rest amount by asking customers in CASH to make their no taxable profits.

    Any more inputs/comments/suggestions, definitely thankful.
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  • Just say no....i had done the same>>>it is a buyers market today guys....
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  • Originally Posted by rohanthengal
    i got a few more inputs:

    1. Its a common that so many builders ask to pay parking amount, maintenance charges in CASH before agreement.

    2. But before you go for agreement make sure that builder has mentioned about parking,water,electricity,transfer(if pradhikaran) etc. in the AGREEMENT

    3. some builders wont ask for CASH as they may have increased the rate per square feet itself in the prospectus and get their expected profits through the same while other builders go for selling houses at little bit cheaper rate and rest amount by asking customers in CASH to make their no taxable profits.

    Any more inputs/comments/suggestions, definitely thankful.

    Since selling parking is illegal now a days so builder won't issue receipt for amount taken for parking so parking charge will be adjusted in per square feet rate. but it is very important to mention about parking in Agreement so that in future there is no issue with the ownership of parking.
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