Help with legal options in delayed property

1)No.  The Bank has it's own laid down policies and as per the agreement entered between borrower and Bank should prevail.  A builder is a stranger to the contract.

2)It is your decision.  Some banks prematuredly close withou imposing any charges, some banks may charge.  Better is to keep a fixed deposit and transfer monthly interest towards installments.   Further as you may be having IT exemptions you have to opt the way to avoid tax through a consultant.

3)You can implead in the on going suits / complaints and the court has to permit.

4)Send a legal notice as such claiming for reimbursement and other incidental costs.  You are entitled to get compensated for the loss suffered due to delay under CP Act, as there is deficiency of service. 

5)Avoid meetings and serve legal notices and let his explanation be reduced in writing.  Before that hear his side, so that you can incorporate  efforts in your notice the facts of amicable settlemetn before filing complaint/suit.

6)An agent / representative is a stranger to the contract.  Caveat emptor is the principal.  It is the buyer that has to take proper precautions like a prudent man and decide which services his personal and financial interest in entering into a contract.  The broker just facilitates the process.  However, if a broker is involved in the project as partner or sharer, this may help you to implead him in complaint.

When you face a problem, the focus should be on the issue.  Your problem is getting either the apartment or compensation for the delay.  By involving those parties like Bank and broker, you are thinking to drag strangers .  But you can always make persuasive efforts with broker.   Explain the position to Banker and re scheduling of the EMI.

Thank you Mr. Prasad. This really helps. I have a couple of follow up questions if you dont mind.

1. The bank does not charge a penalty in case I go ahead with a an early foreclosure. If I do so, it will save me from paying interest on the loan amount which I really cant claim for tax benefits at this stage. My concern is, if I do go ahead with a legal case, would it be better to have a bank loan running against no loan in the eyes of the court?

2. I did meet one of the builder's employees. He shared several details which I documented in an email and sent back to him. He replied back by saying that we never had the same discussion! I guess his concern was that I documented the conversation I had with him. To resolve this, should I respond back with specific questions about the status of the project so that it can be documented? I also take from your reply that documented conversation is the best way to communicate versus verbal or in person?

Really appreciate your thoughts on this.

1)The advocate handling your issue is the only competent man to state which helps the case.  It is true that if the loan is existing the pressures will be more and you can even take injunction and attach the properties.  Much depends on source of your income.  You can also contact branch manager and he can suggest you more ways as to keep the loan and still interest equals with earning on such deposit made either in your spouse or family members name jointly.  (The deposit should be sufficient to cover the interest portion.  If you are a retired person, your case can be strong.  How to make your claims strong can be suggested only by advocate through mutual discussions.

2.There are petty things.  An employee is an employee.  Ultimately whether the builder has delivered the possession with such Occupancy certificate as per agreement or not alone counts.

(You may also make inquiries about his other projects and present stage of construction.  Some builders sold same flat to three persons.  First ensure your interest )