[Resolved]  Flat — Advance

Address:

Andhra Pradesh

Dear Sir/Madam,


Greetings !

I m Kotla Srinivasa Rao working for Hyderabad airport. In Dec 2010, I identified a two bhk flat in Hyderabad for buying. I approached the owner and negotiated it to 22.75 lakhs including everything. I gave him Rs. 50,000 as advance and told him I have 6 lakhs (including the Rs. 50,000 paid as advance) to buy the flat. The rest of it is through loan and I expected a loan of Rs. 17.75 lakhs.

So I applied for the loan with Axis bank, now the bank people said I will only get 14 lakhs as loan for that property ( my eligibility is more than 20 lakhs) but the property eligibility is just 14 lakhs.

Since I dont have the remaining money with me I said the owner i cannot buy the flat, but he is saying he wont return the advance. He is claiming that if somebody buys more than 22.75 lakhs then he would return the advance otherwise no.

I requested him to deduct some percentage and pay me but he is not willing for that.

what should I do now???

Your guidance is highly appreciated.

Best Regards

Srinivasa Rao Kotla