You should file a case in the consumer court for delay of handing over of possession.

Regards

Go through the agreement. Check the terms and provision for EMI payment by you. 

File complaint against bank in forum . You will get better results. 

Dear Sir,

it is practical experience that some of the builders like Supertech are not doing needful to their clients/customers and deploying advocates in RERA and other courts to delay the cases. Your case might have delayed due to this reason also. At this stage, you are suggested to write to India Bulls (your financier) for the flat regarding the exact situation that you did not get the possession of the flat and same is also indefinite due to act and conduct of the builder. Hence, the EMI is to be recovered from the builder itself. Also, stopping EMI without information to India Bulls may attract legal impediments against you. On next date of hearing in RERA, submit an application to this effect that Supertech should pay the PEMI. 

you are liable to pay finance company EMI as loan has been disbursed to builder 

2) your remedy is against the builder 

3) you have already approached RERA against builder for delay in delivery of possession 

4)you have to wait for RERA verdict 

5) if you stop paying EMI finance company would sue you to recover dues with interest 

1. You made a mistake of filing case in RERA.

2. Has you done so in consumer forum then by this time you would have got judgement of full refund and compensation. 

3. Stop paying EMI and let bank recover money from the builder. 

If you stop the same the bank will process against you and spoil your credit too. You need to proceed with rera if already filed. You can withdraw the rera proceedings and file fresh proceedings in consumer court against bank and builder. Otherwise you can only file complaint against india bulls before consumer court and seek directions to extend the payment of emis or stay the same till builder starts construction. But you need to make builder party there as he will bear the compensation

1. Stopping payment would mean adverse ratings to your CIBIL score, for futuristic purposes, and forcing your loan account to NPA and further huge losses to you. Hence avoid stopping EMI's.

2. Follow-up with RERA, as possible. Amend your application to cancel your booking, seek refund with interest, compensation and damages, for builders deficiency & negligence, illegal trade practices and for the mental & physical trauma you are going thru.

File a complaint against the India Bulls and the BUilder in the consumer forum.

also send a written complaint to the police station of your area for 406 420 IPC

Thanks

You cannot stop payment to the bank as thwy may initiate proceedings against you. This subvention scheme is a fraud. You should file an application in the high court for expeditious hearing and disposal of your case. The case in RERA may be decided quickly.

EMI won’t stop if builder delays delivery.

You don’t have an option to stop the EMI as the ownership of the asset is with the investor and the banker only gave you a loan. In case of non-payment of EMI, it will lead to negative impact i.e. penal charges, accumulation of interest and even confiscation of property.

The Supreme Court has held that a consumer has the right to approach the Civil Court or the Forum under the Consumer Protection Act for relief in a situation where the builder commits breach of his obligations.

 In your case you already approach the RERA . So wait for orders.

the financier has already disbursed the loan to the builder

now the liability is on the purchaser

though that liability would begin on expiry of the 1st 3 years after loan disbursal

since the construction is not yet complete, the purchaser is in the lurch now as he has to bear the EMI

in such a scenario there is no option but to expedite the RERA proceeding

you will have to move the RERA Court with an application to pass judgment on your complaint

but let me tell one thing - even if the court passes the judgment and directs the builder to refund your money which you can then in turn refund to the bank, it will be very difficult to execute such order 

in majority of the cases, even after the order is passed by RERA, the execution and implementation of the order is a great pain for the buyer because in most cases the builder has no realisable asset which can be liquidated to pay off the buyers holding a favourable judgment

so if you stop payment to the bank, it will enforce the security which you would have given it against due repayment of the loan i.e. the unconstructed flat

the bank will then have to pursue the builder for recovery of its loan

things will become clearer once the tripartite agreement is perused by me

The terms and conditions of your subvention agreement will have to be looked into in detail, before we can advise you as to whether or not you can unilaterally stop the payment of EMIS to bank. I’ll advise to wait for the verdict in the RERA case, since this case has already been instituted and pending for final disposal. Approach the high court to get the RERA case expedited. For the present times, avail the benefit under the RBI EMI Moratorium brought in due to the ongoing pandemic 

1. Yes you can stop paying the EMI if you don't want to maintain your CIBIL scores. 

2. You should file a suit against bank as bank was also a party to the agreement but as per agreement you are liable to pay EMI after 3 years of sale agreement.

Issue direction to bank to stop EMI. If not stopped, withdraw full amount and bounced the EMI. 

File FIR agaisnt builder and simultaneously consumer complaint for full recovery with interest.

Let the ReRa to proceed and grant order as and when .

- As per rule, you can cancel the agreement for purchasing the said flat , and the builder is bound to refund the entire amount with 10% interest due to delay in possession of the flat.   

- Firstly you should send a demand notice after mentioning that due to delay in possession, you are cancelling the agreement, and thereby ask him to refund the entire amount paid by you with interest, whether it was credited by the bank on behalf of you. 

- A copy of the said notice should be forwarded to the bank for advise and information. 

- If the builder fails to response your notice, and not refund the amount within a period of 7 days of time, then you should file a complaint with the Consumer Court under the Consumer Protection Act, against the builder for deficiency in service.

- You can also claim compensation for mental agony and harassment due to delay in possession of the flat by the builder in the said consumer complaint.

- As per law, the builder is bound to refund the entire amount with interest due his fault.

- Since you have already approach RERA against the builder , then you should move an application before the RERA , for a direction to the bank to stop the EMI till the finalization of the case. 

- Many home buyers have sent complaints to RBI & Supreme court,  and prayed for a notification/direction for stopping banks from collecting loans EMIs for delayed projects.

- Hence , you should firstly write to RBI , after stating your problems and then file a writ petition either in the High Court or the Supreme Court concerning the issue. 

Since the bank have started deducting the PEMI from your account for a long time, your huge money has been held by bank towards the recovery of loan granted to you against the property, hence if you stop repayment of loan and its interest then you will be losing the amount so far deducted by bank as well as you will be subjected for further legal action for recovery through SARFAESI act.

As you have already approached RERA for relief and remedy, you may follow it through the same authority or else you will be losing a heavy amount.

There is nothing wrong to pass instructions to your banker to stop payments towards PEMI from immediate future, however this will pave way for the bankers to initiate legal action to recover the loan amount as per law. 

in this type of case penalty can only be imposed by RERA under its penalty clause only if the builder will delay the possession after the date which has been given to you in the builder buyer agreement. Rest, we have different agencies lined up for these types of cases. We can file a case in consumer court apart from filing a criminal case for cheating and of 406IPC for getting back the invested money as only because of the criminal case they will turn up to the court. 

1. If it is specifically stated in the agreement that no PEMI is to be paid for first three years then you were not liable to pay EMI.

2. You should have approached the Consumer Forum and not RERA in the first place against the builder.

3. If you stop the EMI payment on your own it will lead to adverse CIBIL score.

4. You should serve a lawyer's notice to India Bulls and demand that EMI should not be charged as it is in breach of tripartite agreement whereunder the EMI was to be charged only after the expiry of 3 years from loan disbursal to the builder. If EMI is still charged then go to Consumer Forum against India Bulls to restrain it from charging further EMI and refund the EMI already charged.