Home   >>    Loan   >>    Home Loan   >>     Overview
Get Home Loan Offers
A maximum of 5 providers will compete to give you the best rates (Dec 2016)
 
 
 
Yes No    
 

Preferred Banks
  •  Any 5
  •  INDIABULLS
  •  ICICI BANK
  •  HDFC
  •  AXIS BANK
  •  KOTAK BANK
  •  DHFL
  •  STAN CHART
  •  HSBC
  •  CITIBANK
  •  RELIANCE
  •  IDBI BANK

 
 
 
 
 
 

I authorize the website and its partner providers like HDFC Ltd, ICICI Bank, DHFL and other banks/NBFCs to call or SMS me in connection with my application & agree to the Privacy Policy and Terms of use

Good news for home buyers: Govt to introduce law to cap penalty on payment default by home buyers

The government is planning to bring in a new law that restricts the maximum amount that a real estate developer or financier can charge a home buyer as penalty in case of delay in payment.

Apnaloan.com Research Bureau

10 Aug 2007

The government is planning to bring in a new law that restricts the maximum amount that a real estate developer or financier can charge a home buyer as penalty in case of delay in payment. The proposal is to limit the penalty to 1% of the default amount. This clause will be incorporated in the proposed Real Estate Management & Regulation Bill.

According to reports, developers used to charge 8 to12% as penalty on delayed payments. This is especially valid for under-construction projects, where the home buyers pay back is linked to completion of the project in stages.