Inform builder of your inability to make balance payment 

2) you can cancel your booking and seek refund from builder 

3) builder would deduct 10 per cent of booking amount and refund balance amount 

4) if builder fails to do so file complaint against builder before RERA and seek refund of money disbursed to builder 

In case of default in repaying loan, bank generally takes possession of the property and put it on auction for sale. Any excess of sale proceeds over and above the total outstanding due amount to bank is refunded to the borrower/owner of the property.

Or you can apply to bank for restructuring of the loan sanctioning of which is at the sole discretion of the bank. You can get a favourable consideration by bank if you can arrange adequate security or surity to the bank.

First try to get new buyer for flat and take builder and bank in agreement that you are not interested in purchasing the flat due to financial crises.

If builder agree for this than no issue and bank will be needed their money.

1. Now it is too late if the loand fter sanctioning is disbursed to the developer as well.

2. If you fail to pay the EMi the bank would start recovery proceeding under SARFAESI Act by attaching the property and then making an auction sale.

3. So you may wait for sometime to sell the house and once it is sold you can foreclose the loan. Otherwise stop the payment so the bank can sell the flat after attachment.

You need to first cancel your allotment of flat then ask the builder to refund the same. You will be liable for cancellation charges as well as interest of bank

Better make a proposal with builder to arrange sale to third person. Bank will not cooperate in this matter.  But don't show willing ness or inability to pay otherwise builder will take undue advantage of situation. Deal peacefully.

 a loan can not be cancelled once it is disbursed. It can only be cancelled before disbursement.. 

Hi,

You are suggested to look for a suitable buyer who may pay the money at the instance and if not possible, surrender the house to the bank. 

Hello, 

Approach the bank and sell it to the ban or otherwise you may sell the property and then give the loan amount back to the bank. 

Regards 

As per RBI regulations how soon can be speed of any time without any penalty so you can pay the outstanding.

1. You can try to find a Buyer for your House and Transfer the residual Bank Loan to the new buyer, with proper NOC from the Bank.

2. IF you surrender the property, THEN you will be at a huge loss.

3.  You can also Rent /Lease out the property to a Bank /Corporate body and with the Deposit & Rent, you can manage your Bank loan problems.

If you default in loan repayment then the bank after declaring it as NPA ,may invoke sarfaesi act for recovery.

Hence you may wait for the action to be taken by the bank instead of approaching them to surrender the same.

However you can talk to the manager for getting relieved through any provision  of law in this regard or else await action through  the provisions of law by bank.

1. As per the information mentioned in the present query, makes it clear that you have not been able to pay the EMIs and hence ready to give your property in lieu of the loan which has been unpaid now due financial restrain.
2. Yes, before bank take any action for auction, you can either make an application you the bank seeking some time to sell and repay the loan amount or request bank to proceed in accordance with law and sell the property and give the remaining amount to you after sale and repay of loan, if it (some amount) remains any.
3. In fact, there is a provision in law to approach the DRT yourself so that you can expedite the process of everything.