CIBIL - Credit Information Bureau (India) Limited - evaluates the eligibility of the home loan borrowers. How about establishing an agency which will evaluate the performance & credibility of the builders?:
In June 2014, I booked a 1 BHK Flat in Sainath Palace - a single stand alone 4 story building of 16 flats - at Wagholi.
I booked in this project only because - 70 % construction was ready and the builder - Mr. Amey Prakash Lokhande - promised to give possession in 6 months - means in December 2014.
Possession in 6 months means - I had to pay both - the rent and the Pre-EMI - only for 6 months.
Possession in 6 months means - just after the 6 months - I have to pay only EMI. Which was as good as my current rent.
Financially - paying both only for the 6 months was quite manageable.
However, today, in June 2016, 2 years after the booking, I haven't received the possession of my flat. And I don't know when I will get it.
It means that - I don't know how long I have to keep on paying both - the rent & the pre-EMI.
Can I manage to pay both for so long?
What if I can not manage to pay both in a month?
For the last 2 years - these questions are bothering me day & night.
Till I get the possession of my flat - I have to live in a rented flat - obviously, I don't have any option but to keep on paying the rent.
Since I have taken the home loan - though the construction of my project is stalled - I don't have any option but to keep on paying the Pre-EMI.
Yes. True. I have to pay both every month.
But - what if I can't manage to pay the both?
What - only in a month or two - if I can pay only one - either the rent or the Pre-EMI?
For the obvious reasons, certainly, my first priority would be to pay the rent.
But the fact of the matter is - not paying the Pre-EMI for a month or two - will damage my credit worthiness - my CIBIL ratings. Result is - low CIBIL ratings would hamper my eligibility to obtain a loan from any bank. And I will suffer for life.
But - what happens to the builder who puts me in such a challenging situation by delaying possession of my flat?
Because, like CIBIL - there isn't any authority which rates the builder's' performance!
Don't you think that this is unfair?
Don't you think that the government must establish an agency which will publish an authentic credibility report of the builders?
Don't you think that an authentic credibility report of the builder will help the property buyers to decide whether the builder is eligible to book a flat at an under construction stage of the project?
This is an approximate summary of the above Marathi Video Interview of Doctor Devidas.
What say you? Do you agree with him?
Do you think that Builder's Credit Report & Credit Score Rating would be useful?
Please, share your views in the comments.
3) My biggest mistake - I didn't construct a gunthewari house
2) In 2016 - where to book a flat in Pune real estate market? (Part 2)
1) In 2016 - where to book a flat in Pune real estate market? (Part 1)
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