Your home loan liability would not finish if property surrendered to the Builder by executing a tripartite agreement.

If you fail to pay your EMI, bank will initiate recovery proceedings against you.

The bank is only going to approach you for the payment of the loan and not the Builder. If you fail to pay the bank is going to issue notices to the guarantors as well.

Dear client,

This will possible only by executing tripartite agreement and bank agree to transfer loan in builder and issue exonerate letter, free from all liability.

Intimate the bank about the same, if you do not take the ban into confidence then bank will keep on charging the EMI from you.

Regards

See the terms of the agreement once.

however, if your account is declared to be NPA once then the property that you have given back to builder will only be attached.

However, it is advised and it will be good that you talk to the bank once with regards to the same.

Regards

Sir/ Madam,

Please provide the triparte agreement and after reading the same along with other loaning documents if any, correct suggetion can be given.

1) you are liable to repay the loan taken from bank

2) if you request builder to cancel the sale deed then builder would levy cancellation charges as per agreement

3) if builder fails to refund your money you have to sue the builder to recover your money

Bank would insist on repayment of loan taken by you

Liability of repayment does not shift to builder

The loan need to ve paid off your liability doesn't finish the amount you receive from agreement has to be paid and loan need be closed.

Is bank party to agreement if yes then only.they will transfer the loan otherwise you will be liable to pay the same

Ask NOC from.bank and builder surrender the property and ask loan closing on your part from the bank and if any colletral given in case then to release same.

You should not surrender your property to the Builder and ask the bank to take possession of the property under the provisions of Sarfaesi Act using the due process of law.

Hi,

Terms of agreement in regard to default will have specific wording and you may follow it. If you are unable to pay EMIs and willing to forgo the property, you may hand it over to builder. In other case, you may ask the bank for reconstruction of loan, increasing the EMIs numbers and reducing the amount.

Yes go ahead and surrender the property.

Ask the builder to return the money that you have already paid and thereafter surrender the property with a clause that further the builder will be liable for the said property and he is having the possession and title of the property.

Regards

If you surrender than about the money already paid ? Let the bank take recourse under Sarfesi act. After auction and settlement of bank payment , rest will trasnfer in you.

If account is already NPA and bank asking for surrendering to builder it should be through proper documentation with NOC letter from bank.

1) if you are unable to repay the loan and builder is agreeable you can Surender the property

2) check the cancellation charges levied by the builder

3) check your liability to bank on cancellation of sale deed

1. When your loan was approved, bank already paid sale price money to builder

2. The original title document is with the bank

3. So why bank says surrender flat to builder? I guess bank meant that you give up your right in the flat under the triparty agreement

4. The flat should be transferred to bank in lieu of the loan then

1. From whom you have taken the loan and is liable to pay the EMI? To the builder or the lending Bank?

2. If the tripartie agreement registered by and between the builder, yourself and the lender specifies that you should surrender the property to the builder for which yoiur liability to pay repay the loan taken by you to the lender is extinguished, then you can take the said action.

3. Niormally the lender takes p[ossession of the mortgaged property and not the builder.

4. The tripartite agreement shall have to be peruised before further commenting on this matter.

1. What is written in the said tripartite agreemenbt reportedly signjed by you?

2. Ordinarily, your saidn property is mortaged with the lending Bank to whocm you should surrender your said mortgaged property if you can not repay your loan and if the said loan is declared as NPA.

3. The Bank will sell it to recover its outstanding lying in your loan account. The buyer might be the builder also.

1. The Bank has no business to direct you to surrender the mortgaged property to the builder.

2. You should write a letter to the Bank asking it to take over possession of the moretgaged property and recover its dues by selling the same and refund you if any extra amount is left after the Bank's outstsnading amount is recovered.

No. Bank will get the property and then auction it to get the money. Liability will not be shifted to builder. It will be on you only.

You may go through the conditions of the tripartite agreement for solving this issue amicably.

If the conditions allow you to surrender the proeprty to the builder then on the agreed terms, the builder will undertake to continue the EMI loan repayment from his side provided you fulfill other formalities that are necessary to be adhered to.

If the builder do not cooperate then the bank will take suitable action for recovery of loan amount invoking the provisions of sarfaesi act.

Will the liability to pay off the loan shift to the builder? Will the bank stop approaching me for repayment or any actions against me?

The bank will approach the buyer/borrower for repayment, failing which the bank may declare the proeprty loan as NPA and may initiate steps to recover the same under the provisions of sarfaesi act, then it will be you who will be held liable for this action.

The loan is already declared NPA after 3 EMIs bounced. The latest one bounced on 10th Oct. Bank is pushing me to surrender the property to the builder Should I do it or no? What are my best options? What all documents should I ask the bank and builder if I am surrendering the property?

Your documents held by the bank will not be returned to you before discharging the loan in full.

If the bank is advising you to surrender the proeprty to builder, you may ask him if he is ready and willing to accept the same.

If not then you may ask the bank to proceed legally with the suitable action for recovery, then the bank may take possession of the property and may auction the same in public for recovery of loan amount.

For this we have to go through the contents of tripartite agreement. It is better to consult a local lawyer practising in bank matters so that proper guidance is given to you. However, whatever bank is asking requires to be reduced in writing failing which in future they will not act on the oral statements and you would be in trouble. In case they are giving this in writing, show it to the lawyer and then react. Good luck.