Unable to pay EMI after subvention
2 years ago
I got this property for which I paid 10 lacs in 2018. It was under subvention. Now the EMIs have started after 3 years. The loan is for 90 lacs of which bank has disbursed 50 lacs already. I lost job and cannot pay anymore. I want to surrender. Builder says that in that case, I will lose 50% of original 10 Lacs. And also I will have to pay 50 Lacs to the bank which they disbursed to builder for construction. So, effectively I pay 55 lacs without ever taking possession of flat. Is that possible? Can I not just surrender the title and ask bank to sell the property and recover their dues once the property construction is completed? I cannot pay nor take possession of flat in current situation.
Chenoy Ceil
Responded 2 years ago
In the given situation if you default on the loan, bank will sell the property in auction after going for recovery. You will have to face harassment. Depending on the agreement to sale, you may be able to recover part of the initial 10 lacs. But it will be debatable. I don't see consumer forum interfering in this matter. It will go under insolvency.
If you find my answer helpful then kindly rate me.
First of all, the amount of 50 lacs which bank has already disbursed to the builder for construction is non-negotiable and bank would never leave that amount, but you have to read all the clauses in the agreement and also the act to get a better understanding. The other option you have is to negotiate with the builder regarding the 10lacs, the original amount you have paid to the builder. For the best redressal of your current problem you must visit the consumer forum. As that would be the best way to get your problem resolved.
Thank You
Kindly Rate
Ayantika Mondal @ Prime Legal
Responded 2 years ago
Although the 50 lakhs is non-negotiable and the bank will not be willing to grant you relief. the 50% of the 10 lakhs can be negotiable and looked into. For the problems of loss and job and otherwise, you can visit the consumer forum for the best redressal.
Thank you. Kindly rate.
Shreyash Mohta
Responded 2 years ago
Thanks.
You may approach consumer forum.
Extra amount for completion of project
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