can i take loan on my name builder want to pay EMI

Builder is asking me for about "buy back home loan" where loan would be issued on my name from bank and builder would pay all EMI's by depositing EMI to my account. builder is agreed to do 3 types agreement me on the same. but feeling few risk, in case builder would fail to pay EMI due to any reason then what action can be taken by bank against me, means bank can only recover his loan amount from property or, bank can issue a warrant against me because my security checques also would bounced, so what bank can do against me and what i can do with builder and bank in that situation.

Answers (1)

92 votes

What steps the bank could take against you, and you in turn could take against the builder depend entirely on the terms of the contracts you enter into. The terms in such tripartite (three parties) agreements are usually very one sided and do not favor the end consumer. Often the terms are drafted in such a way that it would mislead a common man. Have someone go through your paperwork to ensure your interest is protected.

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