1. you can discontinue the loan by making an application to the LICHFL but you have to make the complete payments in addition to foreclosure charges,

2. you cannot offer the property, however, if your loan falls under the category of NPA, the bank/NBFC can auction the property, 

3. since the payments had been made to the seller and you are paying the EMI's, so, if you are not interested in the property, you can sale out the same to any other person, 

If you don’t pay EMI of loan bank would auction the property 

2) if there is shortfall in recovery bank would seek to sue you to recover the balance amount 

1. You have already taken the loan, so the lack of interest now is not a ground to not to pay the loan.

2. If you do not pay the EMIs the bank will take the possession of your property in accordance with provisions of SARFAESI Act and auction it at throwaway price to recover the unpaid loan. You will be the loser.

1. You will not be able to stop Loan repayments, ELSE the property will become NPA and would be Auctioned, causing you gross loss of your savings.

2. Instead look around for a Buyer, take NOC from LICHFL for Transfer of Loan to new Buyer and Sell the Property.  This way you will be saved of monetary losses and still retain your CIBIL score.

Well, there is no way you can send them a letter asking for cancellation of loan and for taking back the property.

2. Since security is created in respect of the loan then the bank in case of default of payment loan would eventually attach the flat and sell it in auction.

3. Do note that if the money borrowed by you falls short even after auction sale of the flat then the bank can go after your other property in due course of law.

If you do not want this property anymore then you can lok for a buyer to buy this and he can replace you as a borrower with LIC  (if he becomes eligible) to continue with the loan.

If you do not want to dispose the property and do not want to repay the loan also then you may stop paying the loan repayment.

The finance company will declare it as NPA and may bring it to auction sale, and after adjusting the sale proceeds towards the loan and its interest, if any amount is available that may be returned to you.

I don't think they will buy the same. You need to pay the loan or mortgage the flat to bank. 

You default in loan re payment. Your property will auction. Lender only concern is to recover its amount whether property auction on low price. So, don`t expect any surplus.

Better sell your property, adjust the loan amount and keep to surplus. Or buyer will pay you some amount and will pay EMI.

This is not so easy as you are contemplating, try to get transfer the loan after searching a buyer otherwise you will be in loss. 

The first thing you need to know is that a bank will not foreclose the loan if you defaulted on one or two EMI payments. Loan foreclosure is the last action a bank wants to exercise. But if you continue to fail to pay your EMIs for three consecutive months, the bank will send you due reminders of the same. Lack of response from your side will prompt the bank to send you a legal notice and you may be termed as loan defaulter.

See you cannot ask them to take your property you need to pay the loan amount or in case you default they can attach the property and auction it.

It will be loss for you.

If you are not interested to hold on to the property, then find a buyer, inform him that there is a home loan with LICHFL, and if the price is confirmed by the buyer, then approach LICHFL with the buyer and inform them that you want to dispose off the property and that the buyer is willing to buy it for x amount. The outstanding loan amount will be cleared by the buyers bank and your loan gets closed. The difference if any would be your profit or loss.

You cannot just back out and ask LICHFL to purchase the property. They only finance for the purchase, not re-purchase properties.

1. You cannot ask LIC HCL to take the property and clear the loan as they cannot take any property.

2. You can sell the property and clear the loan from consideration recieved from buyer