Under construction flat, unable to pay EMI
3 years ago
I booked a flat in March 2018 paying Govt charges. 90% work completed, 85% loan disbursed. Possession is planned on Dec 2020 but not sure. As per RERA, possession date is June 2021. I quit job and want to either sell property or quit paying EMI wuth HDFC Ltd. What is the process and procedure to discontinue paying EMI? what are the consequences of stopping EMI
A.Dear Sir,
The following information is exhaustive in nature
How To Register a Complaint Against Housing Society/Any other Trust/ Professionals/Builder as defined below.
==================================================================
https://www.icrpc.org/icrpc.org.contact.htm
International Consumer Rights Protection Council
Consumer Court entertains consumer complaints against defective product or service. Bima Lokpal, Lok Ayukt, Lok Adalat are also places where complaints can be filed.
If you want to file complaint against builder, insurance company, housing society, bank, educational institute, hospital, doctor, railways, municipality, airlines, transport, school, college, manufacturer, dealer, etc. you can file your complaint here on this website. The process is very simple.
Please give me Rank 5 if you feel my answer helped you
The following information is exhaustive in nature
How To Register a Complaint Against Housing Society/Any other Trust/ Professionals/Builder as defined below.
==================================================================
https://www.icrpc.org/icrpc.org.contact.htm
International Consumer Rights Protection Council
Consumer Court entertains consumer complaints against defective product or service. Bima Lokpal, Lok Ayukt, Lok Adalat are also places where complaints can be filed.
If you want to file complaint against builder, insurance company, housing society, bank, educational institute, hospital, doctor, railways, municipality, airlines, transport, school, college, manufacturer, dealer, etc. you can file your complaint here on this website. The process is very simple.
Please give me Rank 5 if you feel my answer helped you
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Rameshwar Dadhe
Responded 3 years ago
A.Till August no need to pay EMI . Then don't warry . If you want to discontinue it then . You will need any purchaser or transfer property on his name or lone amount also then it will be possible
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A.1) As you have booked the flat in March 2018 and and as you are also paying the loan EMI of HDFC Bank and as you have quit the job you are unable to pay the EMI
2) so the best way is to sell the property and close the HDFC bank loan.
3) As discontinuing to pay the EMI of HDFC Bank will land you up in more legal issues and bank will put your name in CIBIL and also so the recovery agents will be behind you for the EMI. so it is better to sell the said property in little bit loss also and have a peace of mind. As when during this COVID-19 market will rise up or improves practically is not known.
If you realize my professional skills, the time & efforts put in by me needs to be truly appreciated, and then Please “CLICK MY LIKES/ THUMBS UP/GIFT” button shown below this reply format & also CLICK/ WRITE a “REVIEW” in 5 star as I have answered your query in detail. Hope this information is useful
ADV. ANISH PALKAR (High Court)
2) so the best way is to sell the property and close the HDFC bank loan.
3) As discontinuing to pay the EMI of HDFC Bank will land you up in more legal issues and bank will put your name in CIBIL and also so the recovery agents will be behind you for the EMI. so it is better to sell the said property in little bit loss also and have a peace of mind. As when during this COVID-19 market will rise up or improves practically is not known.
If you realize my professional skills, the time & efforts put in by me needs to be truly appreciated, and then Please “CLICK MY LIKES/ THUMBS UP/GIFT” button shown below this reply format & also CLICK/ WRITE a “REVIEW” in 5 star as I have answered your query in detail. Hope this information is useful
ADV. ANISH PALKAR (High Court)
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