• Home loan default

Hi. 

3 years ago, to get out of debt I got frauded by 3 builders to take a home loan on my name (profile funding - 3 different builders have taken 3 different loans). The emis were paid by the builder for some time but 2 years ago they stopped paying and stopped responding. The bank has declared the property as NPA. What are my legal options? I can get the property papers submitted in the bank, and I can show that the EMI were deposited by the builder and then deducted from my account. I want to remove my liabilty and want the bank to take over the property and sell it to close the loan.
Asked 4 years ago in Criminal Law
Religion: Hindu

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9 Answers

Hi, was there any MOU that was executed between you and developer regarding the disbursement of EMI ?If there was any such agreement then you can file a civil suit ,for obtaining directions from court to the developer to abide by the agreement..:Also ,it is advisable to register a FIR under section 420amd 406 for cheating and criminal breach of trust 

Hemant Chaudhary
Advocate, Gurgaon
4630 Answers
67 Consultations

4.9 on 5.0

1) loan has been taken by you and you are liable to repay the loan even if builder is repaying the loan 

 

2) bank can auction property for non repayment of loan 

 

Ajay Sethi
Advocate, Mumbai
94518 Answers
7485 Consultations

5.0 on 5.0

- If, there is an agreement between the said Builder and you for the payment of the EMI , then you should produce the said agreement before the Banks to take action against the Builders.

- If, no agreement , then you solely responsible to pay the same.

- If you continue to default for 3 months then there is a high probability that bank will seize the said property .,after sending a notice to pay the amount. 

- You should submit your reply to the bank with details of fraud played by the builders and further give permission to the Bank to sell the said property for settle the loan amount. 

Mohammed Shahzad
Advocate, Delhi
13095 Answers
195 Consultations

5.0 on 5.0

Dear

Your proofs that builder are depositing the EMI's in your account doesn't clear your liablity of loans.

the loans will effect your CIBIL score and you will not be able to get any loans at time of need. 

You can write a letter to bank to take the possession of property as you are not able to pay the EMis in future. 

Mohit Kapoor
Advocate, Rohtak
10687 Answers
7 Consultations

5.0 on 5.0

- A criminal complaint also can be filed against builder on grounds of forgery.

- You can negotiate with bank on further terms.

 

Regards

 

Vivek Arya

Retired Lawyer
Advocate, Gurgaon
767 Answers
6 Consultations

5.0 on 5.0

See since the loan is in your name the bank can file recovery against you, the property kept as mortgage or security.in bank can be attached and auctioned by bank.

The bank will attach the property.

Shubham Jhajharia
Advocate, Ahmedabad
25514 Answers
179 Consultations

5.0 on 5.0

you are liable to repay the loan amount if builder stopped paying. loan has been taken on your name and with your consent. 

is there any agreement between you and builder  for payment of EMI? 

Mohammed Mujeeb
Advocate, Hyderabad
19299 Answers
32 Consultations

4.7 on 5.0

You can approach consumer court if you have any merit

 

Prashant Nayak
Advocate, Mumbai
31802 Answers
175 Consultations

4.1 on 5.0

Bank itself will proceed for attachment of property and will auction it. Whoever paid the EMI`s no concern to bank, it`s in your name, you will consider defaulter.


Once property auctioned and full amount recovered from properties sale, you will be absolve. But make sure that bank not auction on low price. So approach DRT against auction notice so that right auction value can be planned.

Yogendra Singh Rajawat
Advocate, Jaipur
22596 Answers
31 Consultations

4.4 on 5.0

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