HDFC LTD cheated on home loan
Hello All,
I have purchased a ready to move in apartment from builder Jaypee Greens(A division of jaiprakash associate ltd), Noida-128 under subvention scheme in which builder has to borne the interest on the home loan for a period of 24months. HDFC LTD agrees to pay the requested loan of Rs. 81.37lakh and undergoes two agreements.
First was a tripartite agreement among me, HDFC LTD and builder in which subvention period and its tripartite termination was mentioned as in following clauses:
“Clause-3. The housing loan advanced to the borrower by HDFC shall be repayable by the borrower by way of Equated Monthly Instalments (EMI). The date of commencement of EMI shall be the first day of the month following the month in which the disbursement of the loan will have been completed and consequently the due date of payment of first EMI shall in such a case be the last day of the said following month. Till the commencement of EMI the borrower shall pay Pre-EMI, which is the simple interest on the loan amount disbursed calculated at the rate of interest as mentioned in the respective loan agreement of the Borrower.
The Borrower has informed HDFC of the scheme of arrangement between the Borrower and the Builder in terms whereof the Builder hereby assumes the liability of payment of interest under the loan agreement as payable by the Borrower to HDFC from date of first disbursement till 24 months plus the fraction period of the disbursement month ( the period be referred to as the “Liability Period” and the Liability be referred to as “Assumed Liability”) It is however agreed that during the liability period the repayment liability is joint and several by and between the Borrower and the Builder. The assumption of liability by the Builder in no manner whatsoever releases, relinquishes and / or reduces the liability of the Borrower and that same shall not be affected in any manner on account of any difference and / or dispute between the Borrower and the Builder under the arrangement between them.
Clause-13. Tripartite Agreement would come to an end upon occurrence of any of following event:
a) registration of Conveyance Deed in favour of the Borrower and handing over the same by the Builder to HDFC.
b) termination of the allotment of Residential Unit to the Borrower by the Company in terms of Documents of Allotment / Tripartite Agreement and disbursal of the amount standing to the credit of the Borrower to HDFC. ”
This agreement terminated or becomes null and void within one month of the disbursement of home loan by the HDFC LTD as per clause 13, as it was registered by builder in my name within 1 month only. So builder doesn't hold any liability for the payment of interest after this date.
Second agreement was between me and HDFC LTD as an “Adjustable Rate (Resident)” home loan in which no prepayment charges shall be payable on account of part or full prepayments as per its agreement most important terms and conditions (MITC).
Home loan was disbursed on 09th sep 2016 and my apartment registry by builder done on 07th oct 2016.
As per this second agreement HDFC LTD agrees to start the "EMI" from the next month of disbursement of home loan with item#1 due date of commencement of EMI 1st day of Oct. 2016
ietm#2 due date of payment of first EMI 5th day of Nov.
2016.
For a home loan of amount Rs. 81,37,845(RUPEES EIGTHY ONE LAKH THIRTY SEVEN THOUSAND EIGHT HUNDRED AND FORTY FIVE ONLY) HDFC LTD only paid Rs. 66, 68, 785 (RUPEES SIXTY SIX LAKH SIXTY EIGHT THOUSAND SEVEN HUNDRED AND EIGHTY FIVE ONLY) via cheque number 674038 dated 09.09.2016 favoring JAYPEE GREENS (A DIVISION OF JAIPRAKASH ASSOCIATES LIMITED ESCROW ACCOUNT) A/C: 00030350016291 HDFC BANK LTD NEW DELHI.
Now when I requested them since HDFC LTD has only paid the amount Rs. 66, 68, 785 (RUPEES SIXTY SIX LAKH SIXTY EIGHT THOUSAND SEVEN HUNDRED AND EIGHTY FIVE ONLY) to builder, so you start the EMI on this amount only from the date agreed in the home loan agreement but they refused the same and saying that they will start EMI after 24months only on the amount Rs. 81,37,845(RUPEES EIGTHY ONE LAKH THIRTY SEVEN THOUSAND EIGHT HUNDRED AND FORTY FIVE ONLY) but I can now deposit any amount and your loan will be reduced by that amount only.
Hence the advice which i am seeking is that :
1. Is HDFC LTD right based upon the above clauses of both agreements.
2. Is I am wrong in asking him to respect the agreed date of start of EMI on the amount actually paid by them to builder?
This is creating a lots of financial and mental burden on me, hence kindly help on the same ASAP.
Let me know, if you need actual copy of two agreements.
Regards,
Pravesh Kumar Saini
Mo: 8010707014 more
I have purchased a ready to move in apartment from builder Jaypee Greens(A division of jaiprakash associate ltd), Noida-128 under subvention scheme in which builder has to borne the interest on the home loan for a period of 24months. HDFC LTD agrees to pay the requested loan of Rs. 81.37lakh and undergoes two agreements.
First was a tripartite agreement among me, HDFC LTD and builder in which subvention period and its tripartite termination was mentioned as in following clauses:
“Clause-3. The housing loan advanced to the borrower by HDFC shall be repayable by the borrower by way of Equated Monthly Instalments (EMI). The date of commencement of EMI shall be the first day of the month following the month in which the disbursement of the loan will have been completed and consequently the due date of payment of first EMI shall in such a case be the last day of the said following month. Till the commencement of EMI the borrower shall pay Pre-EMI, which is the simple interest on the loan amount disbursed calculated at the rate of interest as mentioned in the respective loan agreement of the Borrower.
The Borrower has informed HDFC of the scheme of arrangement between the Borrower and the Builder in terms whereof the Builder hereby assumes the liability of payment of interest under the loan agreement as payable by the Borrower to HDFC from date of first disbursement till 24 months plus the fraction period of the disbursement month ( the period be referred to as the “Liability Period” and the Liability be referred to as “Assumed Liability”) It is however agreed that during the liability period the repayment liability is joint and several by and between the Borrower and the Builder. The assumption of liability by the Builder in no manner whatsoever releases, relinquishes and / or reduces the liability of the Borrower and that same shall not be affected in any manner on account of any difference and / or dispute between the Borrower and the Builder under the arrangement between them.
Clause-13. Tripartite Agreement would come to an end upon occurrence of any of following event:
a) registration of Conveyance Deed in favour of the Borrower and handing over the same by the Builder to HDFC.
b) termination of the allotment of Residential Unit to the Borrower by the Company in terms of Documents of Allotment / Tripartite Agreement and disbursal of the amount standing to the credit of the Borrower to HDFC. ”
This agreement terminated or becomes null and void within one month of the disbursement of home loan by the HDFC LTD as per clause 13, as it was registered by builder in my name within 1 month only. So builder doesn't hold any liability for the payment of interest after this date.
Second agreement was between me and HDFC LTD as an “Adjustable Rate (Resident)” home loan in which no prepayment charges shall be payable on account of part or full prepayments as per its agreement most important terms and conditions (MITC).
Home loan was disbursed on 09th sep 2016 and my apartment registry by builder done on 07th oct 2016.
As per this second agreement HDFC LTD agrees to start the "EMI" from the next month of disbursement of home loan with item#1 due date of commencement of EMI 1st day of Oct. 2016
ietm#2 due date of payment of first EMI 5th day of Nov.
2016.
For a home loan of amount Rs. 81,37,845(RUPEES EIGTHY ONE LAKH THIRTY SEVEN THOUSAND EIGHT HUNDRED AND FORTY FIVE ONLY) HDFC LTD only paid Rs. 66, 68, 785 (RUPEES SIXTY SIX LAKH SIXTY EIGHT THOUSAND SEVEN HUNDRED AND EIGHTY FIVE ONLY) via cheque number 674038 dated 09.09.2016 favoring JAYPEE GREENS (A DIVISION OF JAIPRAKASH ASSOCIATES LIMITED ESCROW ACCOUNT) A/C: 00030350016291 HDFC BANK LTD NEW DELHI.
Now when I requested them since HDFC LTD has only paid the amount Rs. 66, 68, 785 (RUPEES SIXTY SIX LAKH SIXTY EIGHT THOUSAND SEVEN HUNDRED AND EIGHTY FIVE ONLY) to builder, so you start the EMI on this amount only from the date agreed in the home loan agreement but they refused the same and saying that they will start EMI after 24months only on the amount Rs. 81,37,845(RUPEES EIGTHY ONE LAKH THIRTY SEVEN THOUSAND EIGHT HUNDRED AND FORTY FIVE ONLY) but I can now deposit any amount and your loan will be reduced by that amount only.
Hence the advice which i am seeking is that :
1. Is HDFC LTD right based upon the above clauses of both agreements.
2. Is I am wrong in asking him to respect the agreed date of start of EMI on the amount actually paid by them to builder?
This is creating a lots of financial and mental burden on me, hence kindly help on the same ASAP.
Let me know, if you need actual copy of two agreements.
Regards,
Pravesh Kumar Saini
Mo: 8010707014 more
Viewed by 744
If the loan is for 81 lakh EMI will be as per that. Further if you don't want to avail the balance amount then you can inform the bank that you are not availing balance amount reschedule the emi for availed amount and they should do it. I have small doubt if the purchase price is 81 lakh and bank has released its share of loan and balance margin is taken from you. Please verify what is the loan sanctioned and emi is fixed for the sanctioned amount. And availed amount is equal to sanctioned amount then you have to pay the prescribed amount. Loan is in your name not in builders name. Tripartite agreement is valid only till possession is given. more
Jul 21
Dear Mr. Kamath,
Thanks a lot for your valuable time on looking into this issue. For your quick info, Loan amount applied and sanctioned was 81L but HDFC LTD paid only 66L to builder via DD of this amount and nothing else, builder received this DD of 66L and gave 81L receipt same as balance amount to be paid to builder. Tripartite agreement was having subvention condition that 2years interest shall be born by builder at the loan amount but this agreement get terminated as you correctly pointed out on the possession date, which is same as apartment registry date within one month of disbursement of said loan. Another home loan agreement was having 'commencement of EMI date as first day of month next to loan disbursement month. So now dispute arrived due to the fact that I asked bank to respect the EMI date as agreed in their home loan agreement on the DD amount(66L), which they effectively paid to builder(Jaypee Greens, JAL) but HDFC LTD denied and said they will start EMI after 2years at 81L only.
Regards,
Pravesh
Mo: 8010707014 more
Thanks a lot for your valuable time on looking into this issue. For your quick info, Loan amount applied and sanctioned was 81L but HDFC LTD paid only 66L to builder via DD of this amount and nothing else, builder received this DD of 66L and gave 81L receipt same as balance amount to be paid to builder. Tripartite agreement was having subvention condition that 2years interest shall be born by builder at the loan amount but this agreement get terminated as you correctly pointed out on the possession date, which is same as apartment registry date within one month of disbursement of said loan. Another home loan agreement was having 'commencement of EMI date as first day of month next to loan disbursement month. So now dispute arrived due to the fact that I asked bank to respect the EMI date as agreed in their home loan agreement on the DD amount(66L), which they effectively paid to builder(Jaypee Greens, JAL) but HDFC LTD denied and said they will start EMI after 2years at 81L only.
Regards,
Pravesh
Mo: 8010707014 more
Jul 23
please do not sent me these emails , if every time i have to waste timein giving my identity and then login. if you dont know me, and treat me as unauthorized to access the emails and reply, then how are you sending me the emails. On Tue, Jul 17, 2018 at 2:52 PM Pravesh Saini wrote: > more
Jul 19
please change your access settings. Since you have included this mail ID in the communication, you will keep getting these mails.
Your message is bordering on being obnoxious though the group members did not intend to send to you personally.
You also have the option of unsubscribing from the group if so choose. more
Your message is bordering on being obnoxious though the group members did not intend to send to you personally.
You also have the option of unsubscribing from the group if so choose. more
Jul 19
what is the amount that you need to pay the builder in Sept 16? Is it 81L or 66L? That is not clear. this two numbers do not make sense. The loan should be for 81L and EMI started from Oct 16 along with interest calculation. What does the builder have to say to this? How did he agree to a payment of 66L when due is 81L? looks like the builder worked out something with the bank so that he does not pay any interest for the 2 years. And bank is getting the EMI for 2 years in advance. This is outright cheating. If the amount disbursed is only 66L, you are liable for EMI and interest for that amount only from Oct 16. Have you paid anything yet? Why this query 2 years hence? that is a long time to wait for resolving the issue. there seems to be some information missing or being hidden. more
Jul 17
