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Withdrawal from the purchase of property due to financial issues
21-Aug-2023 (In Property Law)
I have purchased a land at loan. Registry is not done yet. The cost of plot is 38 lacs. I have taken a loan of 28 lacs. Paid to builder is 19 lacs ( 15 from bank and 4 from my side.) now I am unable to pay the instalments and continue this. I want to withdraw. Kindly suggest me the ways to end up with this and possible consequences.
On the above-mentioned query please talk to the builder for the same and tell him all your financial issues. I think the builder can do something for you like arrange resale of the plot or transferring the plot for the same reason with the consideration and feel free for the loan because the loan has been transferred to another one.
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Adv. Ankit Gupta
Lucknow | 400+ Answers
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Sir
Generally you can not exit from the contract you are entered in.
But if you wants to come out from land purchase contract you can do so but the builder has the right to forfeit the advance money and balance the builder has to pay back to you .
For more details, the contract between you and builder, has to be gone through.
Generally you can not exit from the contract you are entered in.
But if you wants to come out from land purchase contract you can do so but the builder has the right to forfeit the advance money and balance the builder has to pay back to you .
For more details, the contract between you and builder, has to be gone through.
Helpful?
Adv. Prateek Goel
Ghaziabad | 25+ Answers
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