Refund in case of cancellation by customer having availed Home Loan Sample Clauses

Refund in case of cancellation by customer having availed Home Loan. In the event an Allottee, availing home loan from a bank or NBFC or any financial institution,for the purpose of purchasing the said Unit, cancels the said booking and requests a refund from the promoter after appropriating the Cancellation Charges, the following process shall be followed: The promoter shall refund the amount paid by the allottee after appropriating Cancellation Charges, to the financing bank or NBFC from whom the home loan has been availed, subject to the conditions set forth in this clause. The promoter shall initiate the refund process upon receiving a written request for cancellation from the allottee, accompanied by a No Objection Certificate (NOC) from the financing bank or NBFC confirming their consent to the refundand the removal of any mortgage/charge on the said Unit. Upon receipt of the provisional NOC and the confirmation that the mortgage charge would be removed, would the promoter release the refund amount to the financing bank or NBFC within a reasonable time period, as prescribed by applicable laws and regulations. The residual payment due to the allottee shall be made only upon receiving the Final NOC and release of mortgage by financing Bank / NBFC, as prescribed by applicable laws and regulations. It is explicitly stated that this sequence of events, as described in this clause, shall not be considered a breach of any clauses of the West Bengal Real Estate Regulation Act or any other relevant laws or regulations governing real estate transactions in the state of West Bengal.
Sample 1
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Related to Refund in case of cancellation by customer having availed Home Loan

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