NPA property
10 months ago
Sir, our 1 bhk property which was under the live-lite scheme (( builder to pay interests to the bank till possession by the buyer ) went to NPA allocation. Builder was paying interest to the bank from 2014 till 2020 but stopped making payments from then . Bank started following up with us for payment but as per the agreement with the builder, he is supposed to be paying the interest till he hands over the property to us. Now, since 2021 as interest is not been paid, the property went to NPA. As losers from all angles, we have filed a case with RERA against the builder requesting to either cancel the property or pay the bank the total due NPA amount which the builder is refusing. Due to this , our CIBIL is impacted very badly and we are unable to get any loans . Requesting you to kindly guide us further as we are not in a position to pay the total amount of 20 lacs to the bank and get back the NPA property and even we are ready, no one is offering us a loan due to CIBIL . We even requested the builder to settle the amount to the bank and deduct every month from us but the builder is stubborn . Moreover the property is still not completed . Requesting you to please guide us as we have suffered huge losses because of this builder
Once a loan is not repaid by the borrower for any reason whatsoever, it is treated as NPA. Accordingly, Bank sends notice to Borrower asking him for repayment of the entire dues lying against your loan offering suitable terms. In the absence of any response from the Borrower, they started the routine process of action permitted under relevant laws for recovery of debt lying outstanding against you. You can pray for some more time to settle the dues but cannot escape yourself from your liability of repayment of your loan for any reason whatsoever. Recovery of loan from the defaulter borrower even within the tenure or out of tenure of the loan is not barred by limitation. Before the Bank moved to the Court for recovery of debt from the defaulter Borrower, TRY to negotiate the matter with Bank on suitable terms considering its impact on your CIBIL Record and other legal consequences. Further, I found from your query that you have already escalate your complaint/ dispute before RERA, so pursue the matter with the said authority who is empowered to resolve the complaint made by you against the Builder/Promoter at the earliest. You can also raise a complaint before the Consumer Court for redressal or your grievance if the same is not redressed at RERA. In case you need any assistance in this regard you may contact our legal team along with relevant papers.
Formalities to be done by landlords regarding tenants in Ghaziabad UP
Flat Purchase
Regarding undivided property
Property - Our share of property
Confiscated phone
