Any hellp would be highly appreciated because I buying a house without assistancea nd on my own .

My under-construction flat is almost complete. The home loan was a part-payment type. The builder is asking for the full and final payment for the flat.

I have to provide a letter to the bank for this and would like the eligibility for a complete flat for a full dispersement of funds by the bank before this.

Kindly help with any details urgently.
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  • Originally Posted by rajmathur
    Any help would be highly appreciated because I buying a house without assistancea nd on my own .

    My under-construction flat is almost complete. The home loan was a part-payment type. The builder is asking for the full and final payment for the flat.

    I have to provide a letter to the bank for this and would like the eligibility for a complete flat for a full dispersement of funds by the bank before this.

    Kindly help with any details urgently.

    great article. I will bookmark this
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  • Please can someone answer my query.
    CommentQuote
  • Originally Posted by rajmathur
    Any hellp would be highly appreciated because I buying a house without assistancea nd on my own .

    My under-construction flat is almost complete. The home loan was a part-payment type. The builder is asking for the full and final payment for the flat.

    I have to provide a letter to the bank for this and would like the eligibility for a complete flat for a full dispersement of funds by the bank before this.

    Kindly help with any details urgently.


    what is your query?
    a bank will hand over full payment on inspection of completion,a completion letter from the builder and you. the building should be ready for occupation.
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  • final disbursement

    Originally Posted by rajmathur
    Please can someone answer my query.


    Dear Mathur,

    You should authorise the final payment when the builder has completed the flat in all respects as per the specification, plan and scope agreed with the builder. As the period Jan. to March is very crucial for the buyer to claim the interest benefit under IT provisions, the buyers tend to give the completion certicate and taken over certificate which may enable the Bank to disburse the last and final payment. If there are pending works, good builders may do them even after the final payment. But there are many who will make the buyer run pillar to post to complete the works. One will be really fed up and may even do them himself at his cost blaming his fate. So the hurry to give the completion certificate to bank is more for the buyer than the seller.
    I know about a recent case wherein the buyer gave the full money ( of course no bank loan ) to the builder and the builder is yet to fix window grills, staircase is not fully done as also the cement flooring around the building within the compund. Window wooden frames are put but the rods are still to be fixed. It is already 3 years since the construction started.The buyer is running pillar to post even to get hold of the builder who all along doing a good job, is in financial crisis as he entered into film production and has no money to spend to complete the flat. He has neither completed his film production nor the flats.

    ks2071746
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  • Originally Posted by ALICIA21
    great article. I will bookmark this


    What He just wrote a question and not any article.
    The question is alright but your comment isn't:p
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