Can I get my Home loan cancelled? Builder has stopped construction
The loan is under a tripartite agreement between myself, Indiabulls, and the property builder for which the loan is sanctioned. The loan was under a subvention scheme wherein the builder would pay the pre-EMI for the first two years, after which I have to make further payments. Moreover, the subvention was for 3 years and the builder was supposed to hand over the flat to me in Jan 2019 post which, EMI for the loan would start.
The builder hasn't started the construction of the said property. After filing a case with Maharashtra RERA and the failure of the builder to take any responsible action on the Hon'ble Court's order to cancel the registry and refund close to 10 lacs (along with 9% interest and any further payments made by me towards the pre-EMI to Indiabulls), the Hon'ble Rera Court through an order has issued a Recovery Warrant against the builder to the District Collector to recover the said amount. This is under law 40(1) of Real State (Regulation and Development) Act 2016 of Maharashtra and Rule 3 of Maharashtra Real Estate (Regulation and Development) (Recovery of Interest, Penalty, Compensation, Fine Payable, Forms of complaints and appeals, etc.) Rules, 2017. No action has been taken on the RERA order even after multiple RTIs and also winning the non-execution of order case.
I know it's a lengthy process of recovery and god knows when I'll get my money back. I keep paying the pre-emi and the builder is nowhere to be seen.
Is there a way to get my home loan from Indiabulls canceled, and Indiabulls can recover the amount from the builder?