Subvention scheme is banned by govt. recently. You can demand refund with interest. 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.

you cna sue the builder to pay EMI till delivery of possession 

2) file complaint against builder before RERA or consumer forum 

if you have cancelled the booking   then you should intimate bank about same 

seek refund of money paid by you and the bank 

how can builder unilaterally rescind or back out from a contract like this?

for a subvention scheme, the builder, buyer and his bank enter into a contract under which it is agreed that till possession is granted, the builder will bear the interest and after possession, the buyer has to bear the same through his banker

so no party can back out of a valid contract like this by loosely citing some regulatory constraint!! 

first ask builder to show you which regulatory constraint he is talking of? ask him to provide you with a copy of the same

the buyer was convinced to book the flat under the impression that till the possession is given, the builder will bear the EMI

If such was the representation by builder, then he can unilaterally back out

the buyer must have made arrangements based on the subvention contract. Since builder has now refused to pay EMI, the buyer may not have the means to pay the bank EMI which was the original obligation of builder till possession is handed over

this is an unfair trade practice and you can approach RERA against such practice 

Letter is sufficient, can send reminder.

Yes you can send him a legal notice and then file a complaint before consumer Court

1. Well, the builder at its sole discretion can not change ther terms of the shcemes at your peril and if it does so, as it appears, then you have got every right to cancel the agreement.

2. SO to cancel the agreement and to seek full refundw tih interest you will have to send a written notice.

3. If within the time frame as mentioned in the notice the builder does not refund your money , you have the option of approaching the consumer forum to seek legal remdies which are more efficacious than the RERA Tribunal.

RERA is online. Please type on google and it will take you to its website

all details how to lodge a complain are given in website

interest will be paid to you by the court after considering your case

generally litigants ask 18%, but the award of interest is at the court's discretion

Interest will be acc. to present prevalent interest rate of PSU bank. Can file online complaint on rera.karnataka website.

you can contact local lawyer for filing complaint against builder before RERA 

2) seek refund of money paid by you at 10 per cent per annum 

you can file your complaint either with the Real Estate Regulatory Authority or with an adjudicating officer. A complaint under RERA has to be filed in a format that is prescribed by the respective states where it is being filed. Once your complaint is filed, the Competent Authorities will look into your case. If they find any activity that is against the provisions of the RERA Act, they can order the builder to stop such activity or provide compensation to the affected person. Any order passed by the RERA authorities is binding on the builders. It is advisable to hire a good property lawyer while filing a complaint under the RERA Act.

You may first issue a legal notice to the builder demanding the continuation of the EMI payment under the said scheme  instead of giving some flimsy reason for stopping it.

You may say that if he is not making any payment on this then he may cancel the booking and bear the entire liability including refund of your booking amount, you can endorse a copy of this notice to the bank also.

Await his reply for taking further legal action 

The builder may not respond to your letter written in a polite manner on this.

You may wait for another ten days and issue a legal notice as advised in my earlier post and then be prepared for further legal action.

You can search the address of RERA or the online procedure for lodging the complaint online with RERA.

You can demand 24% interest on the refund of your booking amount 

Dear

You can file a complaint to regulatory authority under RERA or consumer forum for refund of money with interest and you can also undue builder for specific performance of contract for EMI till possession.