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Legal Queries: Builder not Signing Indiminity Bond

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  1.  
    • CommentAuthorgoyatajay
    • CommentTimeJun 22nd 2008
     
    • Answers: 3
    • Joined: Jun 22nd 2008
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    Sir
    I have booked a 2 BHk flat in a new building in pune. The buiding is 80% done.I have paid only the booked amount ie 50000 Rs.I want to take homeloan from ICICI bank but the bank want the Indiminity bond signed by the Builder. Builder is not signing the bond.At the time of booking , I was told that you can go for any Bank. Only ICICI bank is giving me loan due to one another Personal Loan on my account. Can I take any leagal action on the builder?
    Is he bound to pay my booking amount back if I cancel the booking now?
    •  
      CommentAuthorvikram
    • CommentTimeJun 24th 2008
     
    • Answers: 104
    • Joined: Jun 20th 2007
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    In case of purchase of flats, it is essential to get an indemnity bond from the promoter to indemnify the buyer from any action taken by any authorities and also to obtain a certificate from the structural engineer that the design and execution have been done in compliance with the I.S. codes. However it is essential to have proof of negligence if alleged.

    Please consult a lawyer and you have full right to refund your booking amount.
    • CommentAuthorgoyatajay
    • CommentTimeJul 12th 2008
     
    • Answers: 3
    • Joined: Jun 22nd 2008
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    Thanks for the Reply
    One more thing can ,I don't want to cancel my booking .Can I take any legal action against the builder to force him to sign he indemnity bond? Is he bound to sign the indemnity bond? Please help.
    •  
      CommentAuthorvikram
    • CommentTimeJul 24th 2008
     
    • Answers: 104
    • Joined: Jun 20th 2007
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    Well, I suggest do not go very deep into suing the builder..... they are use to court matters....
    You can serve a legal notice from a lawyer requesting to provide the indemnity bond for the sole purpose of sanctioning home loans.
    You can have a look at the specimen of indemnity bond
    http://www.realacres.com/properties/Indemnity_Bond/
    • CommentAuthorJohn747
    • CommentTimeJul 25th 2008
     
    • Answers: 2
    • Joined: Jul 24th 2008
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    Go to court and demand indemnity bond, which you are entailed to. If they don’t give and like to fight, it may take several years. You don’t need to pay balance amount until you get bank loan. The builder knows it would hurt him legally, financially and reputation, so he will give you an indemnity bond. Of course, if he still likes to fight ask him to get a loan for you at comparable interest rate. You can get a stay on the builder from selling your apartment to others until matter is settled.

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