After lot of search, finally you zero in on an under-construction apartment to buy. Your decisions are based on cost, location, developed, accessibility, quality, reputation of builder etc. The builder as usual promises moon to every buyer and buyer gets impressed by glossy brochures and sugary words of so called sales managers. So you start dreaming about living in your own dwelling. The builder then sets the terms for payment – 20% advance, 70% for slabs (for a typical G+3 Apartment), 10% after sale deed registration. After paying the advance (20%), you will apply for a bank loan. If your Credit Information Bureau (India) Limited (CIBIL) score is good, you will get immediately loan approved, since in almost all the cases, land records (i,e sale deed, mother deeds, khata, tax paid receipts etc for land) are clean. The builder will not let you modify any contents of terms and conditions of either Sale Agreement or Construction Agreement (or Agreement to build). Builder will also not entertain any questions, clarifications, doubts etc to be answered or raised. You will be left with no option but to buy it or look for a different flat. Since you would have already tried and tired of finalising/searching a flat, you will not fight with the builder – you will agree to everything.
EC and CC are the Encumbrance Certificate and Completion certificate.»Proceed