Namaste! I recently booked a new flat in Mumbai, still under construction, and paid 20% of the total price of ₹45 lakhs. The agreement states I need to pay another 15% once the foundation is complete. My pre-approved loan is for ₹25 lakhs. However, the builder refuses to provide the necessary NOC for my loan application, demanding I pay the remaining ₹7 lakhs first. The building is 15 floors high, and only the foundation work is done. Is this demand justified, or should I seek advice?

Apni Law
Apni Law
Law Forum › Category: Consumer Court › Namaste! I recently booked a new flat in Mumbai, still under construction, and paid 20% of the total price of ₹45 lakhs. The agreement states I need to pay another 15% once the foundation is complete. My pre-approved loan is for ₹25 lakhs. However, the builder refuses to provide the necessary NOC for my loan application, demanding I pay the remaining ₹7 lakhs first. The building is 15 floors high, and only the foundation work is done. Is this demand justified, or should I seek advice?
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Apni Law Staff asked 2 months ago

Namaste! I recently booked a new flat in Mumbai, still under construction, and paid 20% of the total price of ₹45 lakhs. The agreement states I need to pay another 15% once the foundation is complete. My pre-approved loan is for ₹25 lakhs. However, the builder refuses to provide the necessary NOC for my loan application, demanding I pay the remaining ₹7 lakhs first. The building is 15 floors high, and only the foundation work is done. Is this demand justified, or should I seek advice?

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Apni Law Staff answered 2 months ago

The builder’s demand is likely unjustified as they cannot withhold the NOC based on your outstanding payment. The NOC is a crucial document for your loan approval, and the builder’s refusal may be a violation of the agreement. You should seek legal advice to understand your rights and options for moving forward.

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