Buy back scheme
Almost one years back I was approached by a friend telling me of a real estate buy back scheme where I was only supposed to provide my documents to get a loan disbursed against a property and I would get certain % of the amount disbursed. The builder was supposed to close the loan after 18 to 21 months. The agent refed me a bunch of people from my work place and asked me to cross check with them if I want. I did cross check with them and they told everything is good and fine, and I can go ahead with these scheme. Almost few months later the same agent approached me and told me that there is nothing wrong in the scheme and he had already taken a loan on it. I was told that RBI allows three home loans at a time and he can help me get three loans approved and commission as well against all the properties. I was assured it was all legal and needless to say I was a big time fool to believe him. The broker I spoke who also ensured it was all legal and committed closure of all the three properties upon completion on 18 to 21 months. Even they promised me that my EMI will come on time without any bounce and all the three properties loan will be closed within 18 to 21 months. So I believed their word and went ahead for it but it was not at all a good move from my side. Even I was told that an MOU would be signed for the same terms and conditions.
After the loans were disbursed the broker started avoiding my calls. For the next 18 to 21 months the builder was supposed to pay the EMI and they started paying EMI but it was never on time. Every month my bank account is getting bounce. Despite several request with agent to make EMI on time I got nothing except ECS bounce. However, when I asked about MOU (for three properties) from all builders then he only gives me an assurance that I will be getting soon. After a few months for one of three properties’ the EMI started going smoothly. However for the second one the issue was always there. As of today for 2nd property 3 EMIs are due. I started chasing the broker to get all properties loan closed (3rd property is under subvention scheme) because they are not keeping their word. I started calling him for a week, month without any response. When I met him in person then he is saying that it might go more than two years. Now I am stuck with three properties in my name, three loans on my shoulder. Can someone please suggest me as to how to tackle this situation?