LawRato

Can i Stop Bank EMI payment on account of court case going on?


21-Jun-2023 (In Banking / Finance Law)
I bought a house in 2012 advertised by the housing division of one of the leading banks and the sale was funded by the bank itself through a housing loan in one of the townships in Chennai. I even paid a commission to the housing division for verification of the sale deeds, patta and CMDA approval to make sure they were in order. 3 years after i bought the property, a court case was filed by against me claiming that the property was not mine but belonged to this person who filed the case. 1. I would like to know if i can stop the EMI payments to the banking loan since the claim of the property has to be decided by court and i am now paying an EMI on a property which is not yet legally mine. The bank is now funding an property whose ownership is under question and i want to stop the EMI. 2. I would also like to know the pros and cons if i stop the EMI, as legally the Bank's housing division is the broker for the property sale and the bank itself has funded the sale of the property.
Answers (1)

Answer #1
792 votes
Hello,

You can file a case against the bank before the consumer court for deficieny of service by the bank as they have not properly verified the details of the property properly and you have paid them for the verification.

However you cannot stop the bank from collecting the EMO using the court case as a reason. You can request them to put a stop to the repayment of the loan till the court case is decided.

Good luck.
Regards,
Aditya S

Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.

Report abuse?

Comments by Users

No Comments! Be the first one to comment.

"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."