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Took loan for property, not delivered yet. How to cancel the loan?
26-Oct-2023 (In Property Law)
I have purchased a property in Chennai. I made all the payment and the construction is not yet completed. I took loan from the bank. Now we got to know that the property is under dispute. Now i want to stop the loan and come out of the property agreement. What can i do?
The agreement need to be analyzed for any penal clauses. At the time agreement, the vendor assures that the property is free of encumbrance and disputes. Prima-facie, one enters into agreement on this assurance. Legal notice can be issued to terminate the contract. Further, If the Bank has completed 'legal scrutiny' before the loan sanctions, they can be asked to reimburse the expenses along damages.
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What is the dispute? Between whom?, whether the construction work came down to halt due to dispute or due to a court order? Have you made the entire payment of the sale consideration?, Did you register the sale agreement? If so, whether the sale agreement was entered between you and the builder or between the landowner? Have you got included the cancellation clause in the sale agreement, if so, whether there was any mention about the deduction of certain percentage of the sale consideration advance amount ? Whether there was any deadline given for completion of construction? What is the property, flat or apartment or just a house?
You can cancel the agreement provided the completion of construction is not expected within the stipulated time or a reasonable extension of time, you can draw the builder to the consumer forum for damages and deficiency of service. You can answer all the question raised above to provide you with proper opinions/suggestions to your query.
You can cancel the agreement provided the completion of construction is not expected within the stipulated time or a reasonable extension of time, you can draw the builder to the consumer forum for damages and deficiency of service. You can answer all the question raised above to provide you with proper opinions/suggestions to your query.
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Adv. T Kalaiselvan
Vellore | 400+ Answers
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