Construction Linked Payment Plan
Dear All,
I had purchased an appartment in B 5 of Paradise Lakes 3 years ago and have been making regular payments. I was supposed to make 50% payments before the possession and 50% after. But since they have my PDCs, I could not convince them to stop depositing my checks. Now I am left with no money and thus told them to hold the remainig 30% of payments till the possession. I asked them to change my payment plan or else the checks will bounce.
Below is the new payment plan given by them. I find no respite in the below revised payment plan given to me. It turns out to be no different. Please suggest me what should I do? Should I let the checks bounce or take a loan and complete my payments?
Rescheduled Construction Linked Payment Plan
60% Construction Percent till November
PAYMENT MILESTONE
5 Percent + Balance of 60% NOW
10 Percent Completion of 16th Floor Construction
5 Percent Completion of 18th Floor Construction
5 Percent Completion of 20th Floor Construction
5 Percent Completion of 22nd Floor Construction
10 Percent Possession
thanks,
Imran