Absa
ABSA refusing to pay out final payment

We applied for an additional loan for building extensions to our house. it was one major hassle firstly to get the paperwork done, but finally it got approved and we sign an agreement with ABSA. in the agreement it states, in order for us to get our final payment after the building has been finalized and completed to satisfaction, they require the following in order for us to receive the final payment: Minimum specifications: Builders NHBRC certificate; approved building plans; Builders risk insurance; occupation certificate; and a final inspection. we complied with all of the above and submitted everything as laid out in our agreement. now that the final payment needs to be made, ABSA has been delaying for 3 weeks already, stating that we first need to submit amended share title plans to the municipality and it needs to be approved before they will pay out the final money. Nowhere in our agreement does it say anything about share title plans that need to be submitted first, otherwise i would have done it while they were busy with the building. this will take another 3 - 4 weeks before we might get approval, and then it needs to go to the lawyers. ABSA will not budge...

Company: Absa
Country: South Africa
City: HOME LOANS

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