Getting Defaulter for House Loan Consequences
I need your expert advise. I have booked 3 bed room (1495 sqft) flat in Aug 2012 in Sahara City Homes, Lucknow, paid 15 my own money + 30 lac loan from LIC, 95% money already paid to builder, possession was due in Oct 2014, but Sahara group is nowhere close to delivery that tower and project future is completely uncertain. I am keep paying LIC EMI 35k every month which hurt me lot. I also filed consumer court case but its just keep dragging from last 2 yr, no conclusion as such. This property will cost me 83 lacs almost (15 cash I paid + 30 lacs LIC loan + 30 lacs Interst 15yr loan + 8 maintenance and registry charges). I don't see this property is going to be appreciated in future at all due to bad image of Sahara in market, so I am nowhere to make any money from this property. This was my investment property. My current problem is LIC EMI and want to get rid from that as my financial situation is not good. I could see only 3 path.
1) Become defaulter - This has negative consequence such as loosing CIBIL rating, auction of property, for both I am OK as I do not have any interest in this property anymore nor planning to take any loan in future, but there is co-applicant in loan my father, grantor is my uncle, both are retired and I don't any complication created for them coz my decision to become defaulter.
2) Keep paying regular EMI- it will take another 12.5 yr to me to finish this loan. property possession is uncertain, but there is no negative impact on my parents and my uncle, and I might win through my consumer court which I have filed and might get my principal back with 18% interest rate.
3) Early payment of LIC loan - If i get possession somehow in next 4-5 yr then repay my loan early to reduce the property cost and then sale after sometime when it cross my sale price.
Please advise which option is best for me, or any other option you could think off.