My loan was just take out from the bank last March 15 2016.I'll need to start paying amortization this April 15,2106 but developer was not able to turn-over the unit as they promised 1st quarter of 2016.
The new-turn-over date is December 2016. So I have to pay 8 months with-out unit.
Here are my questions:
1. Can I request the bank or developer that I not pay amortization unless the unit has been delivered.?
2. If question 1 is not possible can I request that I pay only the principal until the unit has not been deliver.?
3. Please advise other possible options to mitigate this type of loss on my side.