You can file a consumer complaint making both builder and bank as party
Cheated by builder
I have purchased a flat with 80% bank loan from SBI , in the year of 2020 and it’s a ready to move flat, so after three months flat registration is also complete in my name , and SBI took all the original documents including sale deed registration, but after one year I came to know that this property had a previous buyer when this property is under construction, with the help of tripartite agreement he also had a loan on my flat from Bank,but he canceled his flat in 2020, but the builder is not refunding or clearing the home loan and still continuing, I want to know I have all documents and living in the flat but if the canceled booking person loan is not closed then can the other bank has any rights on my flat, if yes then what I need to do right now.
Asked 4 years ago in Property Law
Religion: Hindu
9 Answers
You shouldn't wait for something to happen. This builder has cheated you and hence you should immediately file a complaint against him before the RERA tribunal. The previous owner doea have a right to residence.
A property is purchased on which there is pending loan from bank. Lender bank will not release the principal debtor unless liability is accepted by builder. In your case liability is accepted by builder. If the builder fails to discharge his liability, previous lender can proceed to attach and auction the property, in that case it will for you to clear the outstanding and regularize you purchase. It is basically a case of cheating by builder. You can proceed against him in criminal Court and also file a suit for recovery of you investment.
Hello,
You can approach RERA and file a case before them, so that you may get the relief at the earliest.
Regards
file police complaint of cheating against builder
2) bank can seek to auction the flat to recover its dues
Dear Client,
You may file an FIR against the builder for cheating under IPC and may initiate a money recovery suit against him for getting reimbursement for the amount
Thanks & Regards
The lender bank can take legal action to recover the outstanding home loan with accrued interest if the repayment has been defaulted by the borrower.
The process for this they may invoke the provisions of sarfaesi act if the outstanding amount is more than Rs. 10,00,000 and if lesser then through civil court by seeking attachment of the said proeprty.
Therefore you may have to liaise with the builder/seller and get it cleared at the earliest.
First you need to know the clauses in the tripartite agreement. Secondly If the previous owners is in default for continuously for 3 months then bank will take possession.
2. In your case the Builder has executed the Sale Deed. If there is any liability to the Bank then builder is the solely responsible for the same and nothing to be happened to you. Further, Plz check in your Encumbrance Certificate whether any registered mortgaged deed has entered by the previous owner.
The bank which had earlier financed the flat has priority in the mortgage charge. The previous charge would have been reflected in the encumbrance certificate and come to light when the title documents were scrutinised by your bank or its lawyer.
