I bought a flat in the Pearl from Qatar Coral developer and took out a mortgage from Commercial Bank. The agreement was such that I do not start payment untill the property is completed, which was meant for completion on June 2009. But the property was delayed for handover by the developer, Qatar Coral, for another three years estimated to be January 2012.
Therefore, the Commercial Bank is chasing me for a payment of interest untill the handover date. When I asked them why, they are saying that they have made payment of the mortgage of 90% on our behalf to Qatar Coral upon the premise that they should have completed construction by June 2009. Therefore, its clear that Qatar Coral is at fault here, and that Commercial Bank should have made the payment upon the level of construction and not all of it. Therefore, instead of chasing Qatar Coral for interest they started chasing me and demanded that I must start payment of interest till the delivery period of January 2012. I see that as being quite unfair. Can anybody advice me what to do.
I bought a flat in the Pearl from Qatar Coral developer and took out a mortgage from Commercial Bank. The agreement was such that I do not start payment untill the property is completed, which was meant for completion on June 2009. But the property was delayed for handover by the developer, Qatar Coral, for another three years estimated to be January 2012.
Therefore, the Commercial Bank is chasing me for a payment of interest untill the handover date. When I asked them why, they are saying that they have made payment of the mortgage of 90% on our behalf to Qatar Coral upon the premise that they should have completed construction by June 2009. Therefore, its clear that Qatar Coral is at fault here, and that Commercial Bank should have made the payment upon the level of construction and not all of it. Therefore, instead of chasing Qatar Coral for interest they started chasing me and demanded that I must start payment of interest till the delivery period of January 2012. I see that as being quite unfair. Can anybody advice me what to do.