9. If the borrower commits a breach of one of the terms of this tripartite agreement, it is considered a case of delay in the purchase/allocation contract or such an agreement or document signed by the borrower and the owner for the sale of that dwelling. The conditions set out in these agreements can be complex and therefore difficult to understand. It is advisable that buyers seek the help of legal experts to review the document. If this is not the case, this may lead to complications in the future, especially in the event of litigation or delay. 2. The petitioner paid late for the monthly payment that the petitioner admitted in his letter of 23.11.2005, asking him for leniency. The bank responded by asking the petitioner to respect financial discipline, but despite various notices, the account was not regulated. It should be noted that, in accordance with the agreement between the parties, the petitioner was required to file the initial deed of transmission with the respondent bank when it was executed by the DDA in favour of the petitioner.
The petitioner wrote a story that the original deed conveyance was not in its place and therefore sent a certified copy of this document from the vacuum letter of 4.1.2006 to promote the intention to create a fair mortgage. As the original document was not filed, on 14.2.2006, the defendant bank filed a complaint with the criminal police. This is the word of the respondent bank which, during the course of the investigation, revealed that the petitioner had even attempted to create a mortgage with another bank under investigation. The petitioner had also received a private loan from the National Bank of Punjab. “3. The hdFC home loan to the borrower must be repaid by the borrower up to 100% eAt (EMI). The start date of the ME is the first day of the month following the month in which the loan payment will be completed and, therefore, the due date for the payment of the first ME in this case is the last day of the following month. Until the beginning of the EMI, the pre-EMI borrower, i.e. the simple interest on the amount of the loan paid, calculated at the interest rate, as indicated in the borrower`s loan contract. “By law, any developer who builds a housing company must enter into a tripartite written agreement with any buyer who has already purchased or will buy a home in the project,” explains Vijay Gupta, CMD, Orris Infrastructures. “This agreement clarifies the status of all parties involved in real estate transactions and keeps an eye on all documents,” he said. 2.
For buyers – This contract confirms the right to sell at a certain value, the terms of payment and the duration of the completion of the project. Tripartite agreements are usually signed for the purchase of units in basic projects. 3. For lenders – This agreement is more important for the lender, as if conditions are missed lenders cannot recover the fees. According to experts, tripartite agreements have been reached to help buyers acquire funds from banks against the proposed purchase of a home from a developer.