Noida: As if the delayed housing project is not enough, the buyer in the city has a new problem.
With the registration of thousands of flats jammed, buyers who take home loans have begun to receive notifications from banks – both managed by government and private – demanding additional interest of 2% over the specified level.
Bank notifications have quoted delays in the flat registry as the reason.
They have referred to certain conditions mentioned in the sanctions signed between the buyer and the bank during the disbursement of the loan of the house.
Under these terms and conditions, flat buyers need to submit papers related to the execution of sales deeds within 60 days of being offered a letter of ownership by the developer.
If the document is not sent, the buyer must pay an additional interest of 2% per year up and above the applicable level.
Because the bank will order criminal interests and increase the amount of balance every month, non-payment of these allegations can affect the buyer’s credit score in the future.
Flat buyers in the sector intended to develop sports cities are the most difficult.
Many buyers submit fresh notifications that have approached the main bank manager of the district and search for their interventions.
Among them were Narendra Kumar, a central government official who bought a flat 3BHK at the Civitech Stadia in Sector 79 in March 2017.
Kumar paid Rs 68 lakh for his flat, which he took Rs 58 lakh loans.
EMI Monthly Kumar is equal to RS 56,500 can rise at least Rs 5,000 if 2% additional interest is collected.
“A few months ago, I received a notification from my bank, who said I had to pay additional interest because I had not handed over sales after receiving my flat ownership.
They quote the part of the agreement letter,” he said.
Kumar, who took a loan five years ago, said he had responded to the notification and expected the solution immediately.
Buyers of city sports projects have been offered their flats ownership and stayed there for the past three years with their families.
However, the logjam between Noida authorities and private developers who build apartment complexes in sectors 78, 79, 101, 150 and 152 have delayed the implementation of sales or registrars.
Even after paying land premiums, city sports project builders are not permitted to execute tripartite agreements with authority and buyers because there are no infrastructure or sports facilities that have been developed by them according to the norm.
Subodh Goel, Managing Director of the Developer of Civitech and Secretary General of Credai in the West, said, “I have not been informed of this problem.
But I will take it with banks that have issued a notification and explain to them the situation.” The main bank manager Ved Ratna said the meeting will be held soon.
“Because this problem concerns several banks and financial institutions, we will take representation of affected buyers in meetings with district judges.
We may have to approach the Reserve Bank of India for further direction,” added Ratna.
Flat registration that is jammed in Noida can expand EMI for home buyers
