• Property related guidance required

I have property in Jaipur, Rajasthan. The construction is not yet finished, I purchased this property in year 2013. Now i am really frustrated with them, they have stopped construction completely, giving multiple reasons. I have loan and I am paying Interest every month from my pocket. 

Now I am thinking to stop paying Interest to them, let them come back to me with reason. I will ask them to Seize the flat and you can resale it. I dont have money to pay. I dont want to pay money to bank.

Please tell me if this is good option and is it possible reason. I dont want my money to be wasted for paying to them. Guidance is required before stop the Interest. Please help.
Asked 4 years ago in Property Law
Religion: Hindu

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27 Answers

If builder has failed to carry on construction within stipulated period you can cancel agreement seek refund from builder

2) file complaint before RERA and seek refund of your money with interest

3) request bank not to disburse further funds to builder as you have cancelled agreement

Ajay Sethi
Advocate, Mumbai
87938 Answers
6207 Consultations

5.0 on 5.0

It would be better for you to take proper legal guidelines by showing complete files of your case to an advocate so that you can take a right path to handle your issues. Vague answers will not give you the exact relief .

Mohammed Mujeeb
Advocate, Hyderabad
19031 Answers
32 Consultations

4.5 on 5.0

Sir see if there is deficiency delay on part of builder a consumer complaint can be filed to seek.damages for.delay and compensation.

Sir not paying bank loan is not good idea will.effect credit score life time there would be loss on monetary value also and further there shall be other legal.hassels.

You give a legal notice to builder calling upon to complete work as promised and asking damages for delay if he fails file a consumer complaint.

Shubham Jhajharia
Advocate, Ahmedabad
25516 Answers
179 Consultations

5.0 on 5.0

1. It is not wise in India to purchase an under construction property from a builder in the first place. 90% of buildera operating in the market are fraudsters in one way or another. Be that as it may, if you stop paying interest to the bank then bank will initiate the proceedings under SARFAESI Act. If the bank cannot recover the loan through sale proceeds of the property at a public auction then it can proceed against you and take out execution proceedings against your other assets. The bank has sanctioned loan and disbursed it to the seller. For the failure of the seller to discharge his contractual obligations you cannot refuse to pay the principal and interest component to the bank. Your remedies are against the seller/builder.

2. Serve a lawyer's notice forthwith to the builder to deliver the possession and then file a suit for specific performance in the civil court against the builder to demand the delivery of possession with compensation and cost of litigation.

Ashish Davessar
Advocate, Jaipur
30761 Answers
971 Consultations

5.0 on 5.0

Hello Sir, Your issue is that you have not been given possession by your builder with in time. The delay caused by builder is causing loss to you since you are paying EMI as well as Rent etc.

Banks now a days have wide power under Serfaci act in DRT. If you fail to pay more then 3 emi's they will classify you loan as non performing asset and auction the property. You will also face loss as you might also lose down-payment and other changes.

On the other hand consumers have also been given wide power under RERA as well as consumer court. You can make a complaint before the above authorities and direct the builder to construct with in time frame and claim for Compensation for loss of money caused to you including mental harrassment etc

Jamal Sait
Advocate, Bangalore
168 Answers
2 Consultations

4.9 on 5.0

Hello

I would like to suggest you to file a case in consumer forum and claim refund .

Thanks and regards

Swarupananda Neogi
Advocate, Kolkata
2941 Answers
6 Consultations

4.7 on 5.0

1. Yes, it is indeed good option but you will loose the money which you have already paid.

2. Rather file the case before the consumer and seek damages and compensation.

3. In alternative you can seek cancellation of agreement and seek full refund with interest and damages.

4. The remedy explored in consumer forum will give you more relief than stopping the EMI and let the property attached and sold in auction.

Devajyoti Barman
Advocate, Kolkata
22515 Answers
402 Consultations

5.0 on 5.0

Hello,

I would advise you to go ahead and lodge a complaint against them before RERA.

There is no point in becoming a defaulted before the bank.

You will not get back the money that you have paid if in case bank auctions the said property in case of your non- payment.

Regards

Anilesh Tewari
Advocate, New Delhi
17940 Answers
377 Consultations

5.0 on 5.0

Sir you need to put trust in an Advocate to get your work done this way of not paying EMI can cost you and is not proper to deal with the situation instead claim refund with interest and compensation from the builder through consumer court. or you have all choice to sale your share to third party and clear the loan but defaulting it no good choice.

Shubham Jhajharia
Advocate, Ahmedabad
25516 Answers
179 Consultations

5.0 on 5.0

1) stopping EMi of loan is not good option as it would affect your CIBIL record

2) further even after auction if there is shortfall bank would sue you to recover the difference

Ajay Sethi
Advocate, Mumbai
87938 Answers
6207 Consultations

5.0 on 5.0

If you know all the side effects of your decision and you ready to go for it then you may go ahead and adopt the said option.

Regards

Anilesh Tewari
Advocate, New Delhi
17940 Answers
377 Consultations

5.0 on 5.0

If you cannot believe any lawyer then you should not have posted the query here in the first place as the queries are answered by lawyers only.

Ashish Davessar
Advocate, Jaipur
30761 Answers
971 Consultations

5.0 on 5.0

1. please approach RERA

2. its an ongoing incomplete project, so going to RERA will be the best option

3. seek refund of all moneys paid so far to the builder and also the EMIs

4. do you have a registered document executed by builder ?

5. even if you stop paying the EMIs, what will the bank seize? the flat has not even come in existence

6. so to recover their loan the bank can attach your other properties

7. so stopping EMIs is not the solution because bank granted your loan and paid it to builder. You cannot deprive the bank now by stopping the EMIs

8. your remedy is against the builder

9. you can give a power of attorney to a lawyer or any trusted person in Jaipur who can pursue the RERA application on your behalf

Yusuf Rampurawala
Advocate, Mumbai
6882 Answers
79 Consultations

5.0 on 5.0

Bank has no liability in case builder has not completed the construction and has not delievered the possession in time to you. You can give a notice to the builder citing the concerned rules/terms vide which he had to complete the construction and had to offer possession to you and the schedule of payment followed by you till to date. You should also mention his failure to keep his promise and should threaten to either offer the possession within the specified date or to face the legal action at his own cost and expeses. Then after the expiry of the term of the legal notice to be served through your local engaged counsel, file a consumer complaint and obtain stay order of further depositing EMI on the ground of failure of the builder.

Mohammed Mujeeb
Advocate, Hyderabad
19031 Answers
32 Consultations

4.5 on 5.0

You will have to engage a lawyer to file the case. Let me know if you need any help with regards to the same.

Regards

Anilesh Tewari
Advocate, New Delhi
17940 Answers
377 Consultations

5.0 on 5.0

Sir there is no link to file consumer complaint the consumer complaint is filed in the District or state or national consumer forum according to pecuniary jurisdiction and a complaint has to be drafted along with all the documents supporting and has to be filed then the proceedings of consumer forum starts.

Shubham Jhajharia
Advocate, Ahmedabad
25516 Answers
179 Consultations

5.0 on 5.0

1) file complaint before consumer forum against builder

2) seek orders to direct builder to deliver flat within stipulated time

3) in alternative to refund your money with interest

Ajay Sethi
Advocate, Mumbai
87938 Answers
6207 Consultations

5.0 on 5.0

You need not hire a lawyer for filing the suit. Fill complaint form with format and submit it to the commission, consumer court issue the summon to builder.

Mohammed Mujeeb
Advocate, Hyderabad
19031 Answers
32 Consultations

4.5 on 5.0

you can engage lawyer to appear on your behalf

your personal presence is not necessary on each date

Ajay Sethi
Advocate, Mumbai
87938 Answers
6207 Consultations

5.0 on 5.0

You will just have to come once and thereafter you are not required to visit the court on all the dates.

Regards

Anilesh Tewari
Advocate, New Delhi
17940 Answers
377 Consultations

5.0 on 5.0

You should firstly appoint an Advocate for the assistance and preparing of document and then you should appoint a POA, he can file a complaint in your behalf and will represent you for the same in the court.

Mohammed Mujeeb
Advocate, Hyderabad
19031 Answers
32 Consultations

4.5 on 5.0

Dear client,

No need to come jaipur. Hired lawyer will do the job for you. Details required.

What is the date of possession ?

Porject under construction , must be registered with RERA. Consumer court another rememdy, but NPA not advisable, you may lost your invested money.

Precise solution can be advise on provinding complete details.

lawyers not available pro bono. For good results have to pay.

Yogendra Singh Rajawat
Advocate, Jaipur
21481 Answers
31 Consultations

4.4 on 5.0

No you don't need visit Jaipur time again your advocate will take care further it has to filed in Jaipur only.

Shubham Jhajharia
Advocate, Ahmedabad
25516 Answers
179 Consultations

5.0 on 5.0

1. There is no link. You have to engage a lawyer to draft the complaint case and file it in consumer forum.

2. You do not have to personally go to the court to file the case. Just sign the vakalatnama and draft of the case and post it to your lawyer.

Ashish Davessar
Advocate, Jaipur
30761 Answers
971 Consultations

5.0 on 5.0

It is your decision to stop paying the bank.

It may declare the loan as NPA and may recover under the provisions os SARFAESI Act.

Your CIBIL rates may go to a very low level.

T Kalaiselvan
Advocate, Vellore
78097 Answers
1543 Consultations

5.0 on 5.0

You may contact your advocate and he will guide you properly on this regard.

A complaint with consumer court may not be maintainable at this stage.

T Kalaiselvan
Advocate, Vellore
78097 Answers
1543 Consultations

5.0 on 5.0

You may engage the services of a lawyer if you feel you will not able to travel frequently between Bangalore and Jaipur.

T Kalaiselvan
Advocate, Vellore
78097 Answers
1543 Consultations

5.0 on 5.0

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