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Allotment of property under construction cancelled but bank ask emi
16-Jan-2023 (In Property Law)
Hi I booked a villa in Aarcity project in G.Noida 4 years back under subvention schem wherein I paid 5lakh and Financial institution ( Aditya Birla) has so far paid 26 Lakhs for property that was projected fir about 89laks. Till now builder paid the bank interest EMIs as per subvension contract but in December I came to know that dur to complaims against builder no progress, autho has canceled builder project. Now bank is pressing me for EMIs and loan payment. please advise what can I do as propery against which loan was taken itself has been
Hello client, I have seen your query carefully and found that you have booked a villa but this project has been cancelled by the development authority. In this situation you can contact to the builder and asked him to clear that when builder will be able to give you possession and if the builder showing inability to give exact time to give possession then asked him to refund your money which was depodited by you with intrest and refund the loan amount to the bank. if builder denied to refund the money then you can file a petition against builder in consumer Forum or in RERA court. you can contact me for further assistance and advice on my contact number through administrator of this website
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Adv. Rajeev Srivastava
Ghaziabad | 400+ Answers
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