Thinking of booking an under-construction property?
Wait! Do you know about allotment letter? If yes then go book, if not then you should read this article.
The allotment letter is a document that is given by a builder to the buyer when the property is booked. The letter contains facts and figures of the flat, payment options and other charges applied for maintenance and added amenities.It is only issued after the payment of 15% of total value of the property. It also delivers you the info about the construction details, plans and architecture details of the homes, other project specifications, delivery dates and is helpful in the cases if builder is delaying the possession.Usually, at the time of bank loan application, the allotment letter is handed to the user that will have the description of the subject property being sold/bought by the two parties.Why is it necessary?It is the most important and highly needed thing for applying the home loan, as it contains the details of amount that you have to pay for the purchase of house. Hence the remaining amount can be calculated and financed from the bank.The allotment letter holds great value as it is the only document which will be with you as your proof of the property dealing. If you have not been offered your dream home in time or as it is promised, then this letter will help you lead the case.