184+ Lawyers are online 
Took home loan now builder absconding do i have to pay EMI
19-Oct-2023 (In Banking / Finance Law)
I HAVE TAKEN A HOME LOAN EMI FROM CENTRAL BANK,SESHADRI ROAD BRANCH.MY APARTMENT IS AT BEGUR ROAD.THE BUILDER HAS ABSCONDED AND THE CONSTRUCTION IS STOPPED.WE ARE THINKING TO FILE A CASE AGAINST HIM LEGALLY.IN THAT CASE IS THERE ANY OPTION TO STOP MY EMI WHICH I AM PAYING TO BANK.PLEASE ADVICE. Regards
Yes you can do both.1st approach lawyer and give legal notice to builder in which you inform in advance, since construction stopped, you are opting to stop EMI.
Then visit Bank and give them ( legal )letter.
after that file case in consumer forum where you'll same time, money
Then visit Bank and give them ( legal )letter.
after that file case in consumer forum where you'll same time, money
Helpful?
30+
30+
Adv. Shilpa Sharad
Bangalore | 25+ Answers
CONTACT NOW
This is a fraud committed by your builder. File a police complaint against him and file a suit against him as per the contract of agreement entered between the builder and you. As far as Bank is concerned it is a public money which was lent you and you are under the obligation to repay the dues with interest as per the repayment schedule in the Agreement entered between you and the Bank. I hope the release has been made as per the release schedule and only a part of the loan might be released as per the Tripartite agreement. It requires a detailed investigation to find out whether the Bank has taken proper care and due diligence in releasing loan and ensuring end utilization to hold them responsible. only option right now is to contact the bank submitting the police complaint requesting them for reschedule for the amount released. you are advised to take the assistance of a advocate.
Helpful?
28+
28+
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.
Connect with top Banking / Finance lawyers for your specific legal issue
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."
