Need Advice to complete my House
Details of our house:
We got a villa in a gated community from a promoter where 70 percent of house work completed. Its worth 65 lakhs. we got a loan of 35 Lakhs from HDFC Bank. In that HDFC dispersed 25 to the promoter and 30L from our pocket. So in total 55 Lakhs we have given to promoter. Balance of 10 L not dispersed in HDFC since the house work is not completed. Still Plastering, Drainage and road + electrical line is pending(not completed). In our gated community total of 27 houses out of 13 houses for land owners and remaining houses for the customers outside. In that still 9 house is pending which includes our house.
Now the promoter is telling that he is not having money to construct and asking all the house to pay the balance amount to finish the houses. But the problem now we came to know is that promoter kept our 8 houses in mortgage and got a Loan from a private bank (BOB). This bank gave a NOC to sell the 8 houses but the amount which customers giving need to deposit in bank account. This information we dont know. without knowing this we got a loan from a private bank(HDFC) for our villa. Initial loan amount of 25 Lakhs, the HDFC bank deposited to BOB under the promoters name. But the amount from our pocket (35L) we have given to another bank where he opened a account in same name(tats his personal account it seems).
Now the promoter is not paying the amount to BOB also and not constructing our house. My worry is will the bank BOB will take our house? How i will complete by house.
But till now BOB didnt give any prior notice or value of our house in mortgage. Now HDFC is not ready to release the balance amount of 10L because of this issue.
Incase if we arrange a personally a different contractor to complete the house, will it create any problem.