1) do you have any letter from builder that EMI is payable only from date of delivery of possession? 

2) if builder has committed breach of contractual obligations you can cancel booking and seek refund of money paid by you with interest 

You can cancel your booking on account of material breach of agreement by the builder by deducting your EMI before giving your possession has agreed upon between the parties during the time of booking for which you would have to serve legal notice upon him in order to refund the money already paid to him.

If he doesn't do so, you will have to file a complaint in rera or consumer court in order to get the booking cancelled and  amount already paid to him refunded.

As the breach is on part of the builder you would not have to pay any money for cancellation.

Rather, you can claim for refund of themoney already paid.

Hi, the cancellation of flat will be in accordance with the builder buyer agreement.. Under section 11 of RERA the builder has to refund the amount 

Yes. You can still cancel it 

If builder is paying EMI regularly as per the subvention scheme and you cancel the booking hen on cancellation of booking builder would forfeit 10 per cent of booking amount 

Further you are liable to repay bank loan if any disbursed by housing finance company in case builder fails to give refund 

Firstly, you will have to serve a legal notice to the builder if it doesn't order even after receiving the legal notice you can file a complaint against him in consumer court or RERA.

You can send letter to builder by registered post to cancel your booking 

2) also inform housing finance company of your decision to cancel booking 

Hi , if there is a cancellation clause in the Builder Buyer agreement , then the builder is under legal obligation to to refund the amount after forfeiting earnest money .. We can approach RERA incase they deny to do so 

it is necessary to peruse your agreement with builder and housing finance company to advice 

you are at liberty to cancel the booking 

send letter by registered post of cancellation of booking to builder 

mention reasons of cancellation of booking 

For cancellation you need to pay off the loan or mortgage the flat to bank. Or you can request the bank to postpone the emi

गर्वित,

I think you are not aware of the subvention scheme how it works it is a scheme which is designed such a way that the finance available from the bank will go to the Builder directly and builder has to be at the interest cost and paid to the bank at the same time the cost element of interest is loaded to the purchaser by way of escalating the price of the product means you have to pay more price for purchasing the same product under the c scheme and at the same time after the rera projects which are delayed got the new completion date as the subvention scheme is mainly for 24 months and on the completion of 24 months the finance company has he started EMI from the ultimate barrower.

 in case you wish to surrender your flat due to financial constants then please see your builder buyer agreement and there must be a class of deduction in case of surrender and at the same time please also remember that the money paid by the bank is again your responsibility and the Builder will not be making the interest part of the payment and there will be a dispute in this considering all the aspects of the surrender you may decide that if you want to go for surrender the apartment because in any case you are going to lose their and other option available to this that you have to go to the rera and complaint against the Builder

If you wish to cancel the booking then builder may forfeit your booking amount 

Also in a subvention scheme, the builder pays the EMI of lender bank upto handover of possession and thereafter the purchaser pays the EMI

You must have entered into a triparty agreement between bank, you and builder. Check that to ascertain the cancellation terms by buyer

Since in this case there is no default by builder, you cannot take any legal action against him for cancellation 

Its on the discretion of builder whether to accept your cancellation request or not

You may try finding a new buyer who would be willing to buy the flat from you. In that case only transfer fees will be required to be paid to builder. The loan can also be taken over by the buyer

If you go for cancellation for no fault of builder, he may forfeit your booking amount and also require you to reimburse the emis paid by him so far

You will also have to prematurely close your loan with the lender

Do you have any agreement with builder about possession date. 

You can cancel your booking,If you did not sign any agreement or allotment agreement with the builder at the time of getting your allotment,you can demand your refund if builder refused then  File a complaint in district consumer court seeking full refund from the builder. Make sure to have all documents in place before taking on the builder legally.

Dear Client,

No such thing, you can cancel the booking anytime subject to forfeiture of booking amount.

If you are not able to continue with the buying of this flat due to financial constraints, you may communicate your decision to cancel the booking to the builder in writing.

The builder after deducting the standard charges, may refund the balance as per the agreement of sale.

You may have to communicate your decision to cancel the booking in writing to the builder by registered post.

The builder may impose the conditions and costs towards the cancellation which you must be ready to comply with.

If you want to cancel your booked property, all cancellations would need to follow the pre signed clause as per the agreement. Make sure to read the cancellation clause in the sale agreement to understand the amount the builder is liable to refund in case of a cancellation .

80% to the builder who pays the interest for the Subvention period. As soon as your subvention period is over, your EMI based on 80% loan starts irrespective of the construction status. ... You may actually end up paying much more than the construction linked plan if the project is delayed.

Builder can not claim any charge for cancellation since he has failed to complete the project on time. Please ask for cancellation and seek refund along with interest. ... Another risk in subvention is that if the developer defaults on interest payment, the buyer's credit record gets marred.

Builder can not claim any charge for cancellation since he has failed to complete the project on time. Please ask for cancellation and seek refund along with interest. ... Another risk in subvention is that if the developer defaults on interest payment, the buyer's credit record gets marred.

 In other instances, where builder is not paying EMI, s under the subvention scheme, Builder is not buying back the property as promised in the terms and conditions of the subvention scheme agreement or cancellation of the allotment, a home-buyer has a legal right to file a complaint to get the legal recourse.

In the present scenario many developers are flouting the terms and conditions of the tripartite agreement, by not paying the interest after a specified period of time since the construction of the project has been abandoned. Further when the home buyers serve notice to withdraw from the project their requests are being unheard, which leaves the home buyer in a pitiable position as the buyer neither has the funds to pay the amount of interest or let go of the initial payment made and on the top of the same the bank is persistent upon the recovery of the interest. Moreover, builders also do not keep the promise of buying back the property in case of the default.

And in the cases of subvention scheme RERA Authority has the power to decide and dispose of the matters if any of the aforesaid mischief happens.

Builder is not buying back the property as promised in the terms and conditions of the subvention scheme agreement or cancellation of the allotment, a home-buyer has a legal right to file a complaint to get the legal recourse.