Availing housing loan

Q: While availing housing loan----If there is a delay in loan payment release from the financing company like LIC or SBI etc.. can the builders charge a penalty or interest to the customer for the delay caused by the company? In my case the amount is released by LIC directly to the builders. But there is a delay.. now the builder is pressurising me to pay the interest for the delay..builder is Puravankara for the Windermere project Chennai..

Suhasini Sriramulu,

7th November 2012

Home Loan in Chennai

puravankara windermere

Follow Discussion

Also see discussions for

Chennai Home Loan Home Loan in Chennai

Replies (4)

Hi.. Yes, according to the terms the builder can levy interest on late payment but you can still negotiate with builder to waive off as the reaason is genuine. My parents got an house with a reputed builder few years back and was charged around 3 lakhs but ended up paying 1.5 after negotiation (we didnt have any supporting fact to justify the delay as in ur case).. But i am not sure if all builders do tht.

Btw, how is ur experience with windmere project? We are planning to book one in phase two. any feedback from existing customers? Do you see any drawbaks??
thanks in advance.

Div, Apartment Resident, Chennai

5th January 2013

Comment

Thank you very much for your response.. This is a grey area.. so I lack clarity - Suhasini

Suhasini Sriramulu,

8th November 2012

Comment

Suhasini, please be advised by a legal expert in this regard. I am not sure whether this is possible or not to sue the bank. At least the builder can waive off the interest.

Anandraj Iyengar, Chennai

8th November 2012

Comment