I have purchased underconstruction flat @ Borivali East, possession will be after 2 years.
I have already paid 15% of my Flat value and I have informed that balance 5% I will pay alongwith bank Loan on prorata basis. Bank have already sanctioned (in-principle) 80% of Flat value.
But the builder is saying, as per new rule of MOFA act, buyer have to pay 20% first and then only he can go for Bank Loan. My Bank is ready to disburse / sanction loan without paying full 20% by me.
Is there is any such rule in MOFA saying that we have pay 20% to get loan or to register agreement ?
