Hello,
There must be a tripartite agreement between the bank , you and the builder . File a case in the consumer forum making both the party , though bank will be expunged but they will not be able to put you in jeopardy.
Regards
Home Loan related
I had taken a home loan and have been paying the EMI's regularly and have never missed any.
I Have still not got the possession of the home and it's is delayed by 5years.
In the mean time the builder in now tangled in NCLT process. But still I have not stopped paying EMIs.
But Today I receive a notice from Bank asking for registration & Sale deed failing which they have urged the builder to repay the money and cancel the agreement of sale else they'll initiate legal action against Builder & Me.
The builder is in NCLT and RP is is now the administrator and for sure bank will not get neither of the 2 deed or money from builder . What should I be doing & do I need to reply?
{I had gone to the bank couple of weeks back and asked them if they can help me any manner by extending the tenure as I'm paying both EMI and Rent, though they refused to help but I suspect this may have acted as trigger}
Please suggest what are the options for me.Asked 6 years ago in Civil Law
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12 Answers
You can at the most get compensation from rera or directions from nclt
File complaint against builder before RERA and seek orders to direct builder to execute registered sale deed in your favour
you must reply to notice that you have made application before RERA to direct builder to execute registered sale deed in your favour
seek injunction restraining builder from cancelling agreement for sale
Actually things are gone out of your hand and the property has been referred to RP for the execution eventually the registration will only be preceded by the RP in this case and the builder has nothing to do as the matter has been referred to nclt.
You have to make your representation against the builder with the the RP and their only you will be able to know the actual situation if there are any apartments going to be registered in the names of the buyers as there in no default in payments to the builder as well as to the bank RP has to take consideration of all these representations before deciding the auction of the properties available for repayment of loan RP h taken by the builder you have another option to get stay order from the high court against the sale of the property sold to you on the basis that you have paid the consideration to the builder and try to get direction from the high court to register property in your name although it is really difficult but you can make a try
1. AS long as you are paying the EMI, the Bank has no legal jurisdiction to direct you to do anything, whatsoever....
2. IF the builder has faulted in his construction delay, THEN the issue is between you & the builder, and not between the builder and the bank, wherein the Bank is legally concerned only for recovery of its loaned amounts, which you are duly paying your EMI's.
3. You have an option of filing a grievance petition before the local Consumer Court, against the builder & RP, for early possession of your Flat and claim damages & compensation for the losses, delays, negligence, deficiency and the mental & physical trauma caused to you.
I had taken the home loan and have been paying the EMI's regularly and have never missed any. I Have still not got the possession of the home and it's is delayed by 5years. Today I receive a notice from Bank asking for registration & Sale deed failing which they have urged the builder to repay the money or cancel the agreement of sale else they'll initiate legal action against Builder & Me. Since the building is not complete and builder is in Insolvency there's no way of getting it registered. Can bank ask the builder for cancellation if I'm fulfilling my obligation of giving EMI's without fail and how should I reply to the notice from bank. I already have a consumer case against builder which I have won in State forum.
Asked 6 years ago
What were orders passed by consumer forum ?
engage a lawyer and reply to notice
take plea that emi being paid by you no question of cancellation of agreement for sale
If the bank has issued a legal notice to yo then you discuss the seriousness of the subject matter with the builder and also yor lawyer and issue a reply notice denying their allegations and also you may inform them the facts that the builder has already approached NCLT for relief.
The builder who is responsible for this has to cooperate and guide you further in this matter.
You may issue a reply notice to the bank denying their demands and the allegations.
You may inform the bank about the facts and disclaim the liability from your side.
Let the bank initiate legal action against your proeprty, you can obtain stay agaisnt it through DRT based on the facts and strong evidences in your support including the regular loan repayment through EMI.
Since you are diligent and have been paying EMI's regularly, bank need not panic, as such, you can file Injunction Suit seeking injunction from cancelling the Agreement of Sale.
The award of the consumer forum needs to be perused i.e., the direction given by it.
Further, you can issue notice to builder by marking copy to RERA asking him to indemnify for the damage caused to you.
If the issue is not solved, you can file a suit against him for damages and also seek interest on amounts paid by you.
You can approach consumer Court, rera or nclt Iin this matter
You should reply to bank that I am paying the EMIs regularly and you cannot force me to get the registration done because registration is delayed due to builder default.
Bank cannot ask for cancellation of agreement if you are regularly paying the EMIs without any gap.
You are paying EMI regularly then how can bank ask cancellation of agreement.You should reply the notice through an advocate.
