GOOD AND BAD DOES NOT COME OF ITS OWN.
In 20th century people had the patience to go through records, consult elders/experienced people and involve in any matters. Now a days people have no patience to go through records, since they assume to be busy and land in trouble.
The youngsters are very eager to buy a plot or a flat with so called luxurious amenities and land in trouble and are taken away by eye capturing advertisements,media advertisements, exhibitions and the freebies, offers etc.The artist appearing in the advertisements, advertisers cannot be questioned for our losses in these /any matters relating to it.
Most of the real estate agents/flat promoters launch their schemes collect advances(initial payment) from the customers in the manner they like as such the customers hands are tied in every manner, and they have to wait till the proposal is allotted to them. It will be hard to get back our money.
Most of the real estate agents/flat promoters some how get the blessing of loan advancing banks and advertise as the scheme approved by the - bank. The real estate agents/flat promoters do not allow the buyers to approach the banks and they do all the spade work to be done by us, to get loan and get signed in various documents, blank documents,power of attorney to release the loans etc favorable to the real estate agents/flat promoters and the bank, in such a way that we cannot defend latter. The Buyers in order to own a plot/flat sign all the documents( printed in 6 font size running to pages) without going through them & without asking any question. The banks does not provide any copies of documents signed to the parties, if at all given to the real estate agents/flat promoters
The flat promoters use all the documents in their hand to the get loan amount disbursed from bank. Most of the bank officials do not inspect the site regarding progress of work but release money based on records since the bank turnover is more important to him.
Many builders hand over the flat though delayed some totally cheat for which bank is also responsible.
My son was caught in such a trap laid by the flat promoters/ and the bank .The flat promoters/ and the bank got all documents required for sanction of loan,filled Loan application got my sons signature in it and also in various other documents as required by them and the housing loan sanctioned . The said bank released 50% of the loan amount 10 lakhs to the flat promoters to the barren site even before registering the UDS in my sons name and mortgaging the title deed favour .The said bank also released same loan amount to other 15 co-buyers. This came to our notice when the statement was viewed, we approached the bank and asked them how loan was released without our consent, they offered coffee and cooly showed my son’s letter requesting release of loan and we were shocked.
When we stated that my son was not in India on the date of the letter of request, the bank officials summoned the builder through phone and the builder rushed in and shouted at us and stated that all documents letter without date were taken for our good and we should adjust to get the work done in time. Fearing the acts of the flat promoters/ and the bank we lodged written complaint on the flat promoters/ and the bank, the builder simply cancelled our allotment and paid our initial payment in full. The bank also cancelled the loan sanctioned to my son since the builder paid the loan released with interest.
We must be doubly careful before laying our signature and follow the matter closely. If we believe we will be cheated and law will turn on us. The culprit will simply say IGNORANCE OF LAW IS NOT AN EXCUSE .
