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Page 23 - Customer Manual01
P. 23


 Based on our experience, we have observed that despite the best intentions of our customers,
 some of them inadvertently default on their payments due to the following reasons and we would   Common reasons for lapse of payment   Recommended preventive measures
 like to suggest simple and easy steps to avoid such delays in payments:
              Delay  in  executing  a  Power  of         We will share the format of the document with
              attorney:-                                 you and would request you to keep once signed
              Given the Importance of timely             and ready to be executed at a short notice so
 Common Reasons for lapse of payment   Recommended preventive measures  registration,  it  becomes  that there is no delay in registration and your
              imperative that you plan for your          home loan formalities and any signing
 Delay in start of home loan   Start your Home loan process on the very next   POA very well in advance in case   procedures do not get delayed leading to
 sanction process –  day after your apartment booking is finalized.   you are / have:  interest levy
 Banks tend to take a long time   This would give the bank sufficient time to       An NRI customer
 for processing the  income   complete their procedures / investigation and       Unplanned travel abroad
 documents.  your chances of getting a timely disbursal of
 Banks take relatively much   funds  A simple delay in executing a
              POA delays the registration
 more time for disbursal of the   process which will lead to delay
 1st home loan demand  in payments and interest thereon

 Delay in registration -  The earlier you register, more the time you   Self funded customer: not   Even if you choose to self fund the home

 As per RERA, we have to execute   will have to submit your documents to the   being able match liquidity   purchase, keep a bank sanction handy so that in
 bank for its scrutiny which will allow the
 & register the agreement for   bank to make timely disbursements. Hence   with the payment schedule  case of increased frequency of payment demands
 sale after receipt of 9.9% of   do not wait till the last moment and register   due to fast pace of construction, you need not
 consideration value along with   at the earliest  You may invest funds in market   disturb your investments and are able to honour
 applicable taxes.  instruments based on expected        the payment demands via the home loan since
              dates of construction linked
 Registrar needs 5-10 days to   Make stamp duty, registration payments   payment from Runwal Group  the sanction is already in place
 along with the 10% payment. This will enable
 release  the  registered  us to arrange for priority registration   Should you choose to not make an advance
 agreement and such delays are   appointment for you thereby giving more   Given  the  nature  of  the   payment, it will always be advisable to keep the
 beyond the developer's control   time to get the bank to disburse the   industry, some slabs may be   next few instalments liquid in your bank to be
 and responsibility  payments on time.  cast sooner or later  able to meet the payment demands as and when
 Bank  needs  registered  Timely payment of stamp duty, registration   Forced to break investments   construction progresses
 agreement to disburse and the   and other govt. taxes helps you in making   prematurely  to  pay  for
 above event shall delay the   timely bank disbursements   construction linked demands
 disbursal    and thereby lose interest on
              investments or delay payments
              and incur interest penalties
 Choice of a non-preferred bank   Our internal loan assistance - Runwal Group
 against  the  list  of  approved   has signed up the best banks and home loan
 banks  companies in the market where both home
 sanctions and subsequent disbursements
 Choice of a bank purely based on   are relatively quicker. These tie-ups are
 lower interest rate  project specific.
 Such  banks  may  take
 inordinately long time to finish   Not going with a bank that already approved
 the project  may increase the risk of delayed
 their procedures  payments & interest thereon. While we shall
 There is no incentive for such   strive to facilitate your loan sanction process,
 banks to make timely disbursal,   the ultimate responsibility for seeking a
 however, there is a penalty for   sanction and timely disbursement from bank
 delayed payment towards your   shall rest solely with the customer.
 account at Runwal Group

 *Home loan approval and disbursement is at the sole discretion of the bank/ financial institution.
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