[Resolved]  IDBI Home Finance Ltd. — Disconnect between developer & IDBI Home Finance Ltd.

We have booked a flat at Daffodils, Somatne, near Talegaon Dist Pune, a property developed by Vishhram Developers Pune. Their address is S no 14/15, Swastik chambers, Near Ashwamedh Hall, Karve Road, Erandwana, Pune 411 004. Their office No is 25434423/24 . The project is financed by IDBI Home Finance Ltd. So we approached IDBI Home Finance Ltd Thane office (Tel No[protected] for housing loan. We got the sanction letter and initial installments were disbursed smoothly by finance co. In the month of Jul 2009 we got a demand letter of Rs 323,508/- from developer which was submitted to the finance co for disbursement. The finance co approved Rs 139,500/- only . We intimated the developer office where the concerned person Mr Sudarshan said he will talk with finance company's pune office regarding this. But to our surprise we got next demand letter from developer dated 21st Aug with an amount of Rs 4853/- as interest on Rs 323508/-. The interest was charged on the amount of Rs 139,500/- paid on 23/07/09 as well. Again we called Mr Sudarshan who again told us to pay the unpaid amount. We wrote a letter to Mr Kotwal one of the partners but he didn't respond to our problem. We approached Soft Corner Marketing Thane office as well, because the project was marketed by them but no body gave us a resolution. We don't know why finance co.'s technical report is always stating that the construction completed is less than stated in demand letter. Neither builder nor finance company is trying to resolve this problem in spite of repeated requests from us. We have been charged with interest Rs 4853/- & Rs 2760/- . The current disbursement is Rs 234,000/- against demand of Rs 510,276/- which includes Rs 2760/- as interest on past outstanding as per developer's records. We are sure that same series of events will be repeated this time.


As laymen we are not aware whom we should consult in this matter. Kindly guide us.