Bank Loan Cancellation
This is Aravind from Bangalore booked flat in Chennai taking axis bank loan in dec2013, initially pre emi paid, builder delayed construction so converted to emi for 25lakh loan. So far bank released 2094500rs to builder. Construction stopped due to property litigation since Jan 2015, till date i had paved emi. Now seems property will not complete.
I want to come out of this property. Bank loan to be stopped and recover my payment to bank. Also owner cheated did not show about the litigation / already case on the property, i got interested in the property since Bank loan available, trusted bank would have verified. I have sales deed for undivided share for Rs582000. So far i had paid Rs 450000 to builder, Bankloan emi and pre emi Rs- 368212. plus around 150000 for document cost, bank processing fee. Almost a loss of 10lakh. Iam an NRI i work for Shipping company i will be 8months out side country on job.
Bank say loan given on your name you must take action.
Can i stop paying loan, since property not completed status 70% completion.
Let bank recover money from builder and owner.
Monthly Emi Rs- 27280 every 10th of month.
All above has caused mental stress.
please advise what action can be taken, immediately how can i stop paying loan.