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Journalism of Courage
I booked an apartment in BKC,Mumbai in July 2010. I paid 10 per cent of the cost,Rs 27 lakh,through a crossed cheque and obtained the receipt and a letter from the builder. The builder promised to execute the agreement by October 2010,but has not done it till date. I have asked for a refund,but the builder is elusive. What are the legal and other channels through which I can get my hard earned money back?
Dinesh Bharat Mittal,Mumbai
I would like to know the procedure,terms for converting a residential flat into commercial.
Nayan Shinde,Mumbai
You must apply to the municipal corporation for this and in case it is permissible under the development control rules,the conversion will be allowed. Please note that you will have to pay higher taxes for the same.
I have taken home loan of Rs 16 lakh in 2006 from a reputed private bank at 9.50 per cent for 20 years. Four years have passed and the principal left is around Rs 15 lakh. The bank,without informing us,increased our tenure to 40 years and now for the loan of Rs 16 lakh I have to pay Rs 64 lakh. The bank is not responding to our plea. What can I do?
Deepak Malhotra,Delhi
The usual reason for increase in tenure is the hike in interest rates. We have witnessed a number of rate hikes and usually,the bank would keep your EMIs constant and increase the tenure unless you stipulate otherwise. Though not legally bound to do so please consult your agreement for terms,all banks do inform their clients about the changes and it is strange that you have not been intimated. If you have taken a loan with floating interest rate,this is a predicament many borrowers face today. You can of course request for a higher EMI and lesser tenure. Alternatively,you may make periodic prepayments which will reduce your burden.
The expert is a Mumbai-based CA,For queries on real estate,please email us at estatesexpressindia.com
