Demand Letter From Piyush

[Rajesh5]

Hi Dheeraj Ji

Want an advice, I have received 18th Installment demand ( 2nd last ) from Piyush on completion of Flooring in my Flat, tower "M".
In view of the current situation, Financing company is not making any disbursement against my loan, but as per the terms of the agreement I am liable to Pay to the builder.

Please advice, If I should make the payment to avoid late payment charge and also forfeiture of my flat.

Thanks

[dheerajjain]

Yes, you should go ahead with payment.

[Rajesh5]

Thanks for your advice...DheerajJi.

[naveenarichwal]

Which is this financing company that has refused to give payment on demand of piyush, and was giving home loan previously?

[anojjain]

Yes, you should go ahead with payment.

My opinion - In loan cases there is a three party agreement between Builder / buyer / Bank. If you got the possession. Your flat papers will be in the custody of bank.

At the same time your agreement with bank is based on the the time when they are financing the property and they can not refuse till the order of court.

Take in writing that bank will not pay your installment.... Even you can show that papers to Piyush that because of their delay and repo , bank not paid the installment and you can get the rebate on the interest part. Refusal from bank to give installment is a legal document...

Wish you good luck...

[dheerajjain]

I agree with Anoj valauble comments. Also, please tell name of Bank which refused to pay loan installment.

[anuj020676]

Dear Rajesh, Please take up your matter top level officer of the financing company. I dont find any logical reason which they can mention in writing for refusing builder's demand for the next loan instalment disbursement. Third Party Agreement normaly does not cover any such condition for the loan borrower.