I was ****** by the Developer.

Good day,

I trust this email finds you well.

I was granted a building loan in 2022 from Standard bank for a Property with a purchase price of R 1 389 313.00. In November 2022 the Standard bank released the first payment of R425 000.00 over to the developer. Then Construction work began, In the month of September 2023 Standard bank then paid the developer the following amounts R819 358.23 and R102 468.80 of which the total amount that Standard bank paid over to the developer amounts to R 1 346 827.03. The difference before the R 1346 827.03 and the purchase price of R 1 389 313 is the interest incurred on my account.

The Sales agent from Central Developments/Cosmopolitan Which is the developer told me that in the meantime the interim interest charged on my account will be paid by the developer and the developer has an arrangement with all Major banks in South Africa hence on the above calculation the developer received 3 different payments totalling R 1 346 827.03.

The final bank papers during our inspection we signed 23 September 2023 and the papers were submitted to the bank after the long weekend. Standard bank then paid the final payment to the developer amounting to R102 468.80 on the 29th September 2023. The following day Standard charged an interest amount of R12 000.94 (Which is the interest from the 1st September 2023 till end of September 2023) I am not disputing this interest it was correctly charged and calculated.

The confusion here is why the interest of R12 000.94 charged on the 30th September 2023 was not deducted from the final payment of R102 468.80 that was paid over to the developer, as I was told that the developer has an arrangement with all major banks regarding the interest.

In my understanding, I could be wrong about this.

1. My loan with Standard bank is R1 389 313.00, Plus initiation fee of R 6 037.50, both these amounts are totally to R 1 395 350.50 as per the attached granted letter signed. (Please see attachment 1)

2. As it stands now before even paying the first instalments towards my Home loan I am already owing Standard bank R 1 407 420.44 of which includes the interest of September 2023 of R12 000.94 and Service fee of R 69.00 additional to amounts listed above. Please see the attached Statement requested from Standard Bank.

3. As it stands again, My loan account should be negative of R 6 037.50 which is the initiation fee as per the grant letter (Attachment 1) Currently my home loan account is in minus of R 18 107.44 which consists of R6 037.50 (Initiation fee) plus R12 000.94 (Interest for September 2023) Plus R 69.00 (Service fee) Please the below Screenshot from my Standard bank app.

On the 14th October 2023 I met up with the lady that does admin for CPD. I explained what happened and she told me that they have that problem with Standard bank. She gave me her email address so that i can sent her the statement from the bank and it will be sorted out. I did that same day and i follow up with her on Tuesday 17 October 2023 and the answer i got what completely difference from what she said on Saturday.

The pain that i have is indescribable.