Emis of bank stopped and bank issued recovery notice
viswas bhatt
(Querist) 17 November 2015
This query is : Resolved
I have taken a Housing loan 6 years back against a flat which was supposed to be delivered in 1.5 years of booking.The builder has not constructed the flat till now.I kept paying the EMIs of the bank in the interest that my credit history do not get deteriorated. But in 2014 I could not find it comfortable to continue the EMIs of the bank while there is no hope of Flat. I stopped the EMI and informed to bank with the reasons of stopping the EMIs. While I was paying the EMIs, I filed case in consumer court against the builder. The case is still going on. I informed the bank that my case is going on and once the case is resolved I will pay the EMIs.
Since the day I stopped EMIs bank did not take any action . Now last month I have got the notice from Recovery Tribunal for the outstanding with interest. the Bank has also made the party to the Builder for recovery.
I met the builder and found that Builder is in talks with bank and they are going to settle the outstanding between themselves.
1) My worry is that how they can settle the loan between themselves while I am also the party and have genuine reason of stopping.
2) I have deposited the EMIs till last year and that included most of the interest part. The amount which I have deposited is more than 15 Lacs.
3) If bank settles the account with builder . How I can secure my interest in that .
Please advise as to how I should handle it now as My one case is going on with builder in consumer court and now I also have to give the reply of the Recovery notice . What are your suggestion to save my hard earned money
Regards,
Viswas Bhatt
SAINATH DEVALLA
(Expert) 19 November 2015
The bank that gave U the loan is no where concerned with the delay in occupying UR flat.U have to pay UR emi's as per the agreement with the bank/
Rajendra K Goyal
(Expert) 19 November 2015
Bank has given loan to you and not to builder. It would be in your interest to settle / pay the Bank and proceed legally against the builder.
viswas bhatt
(Querist) 19 November 2015
I think respected experts did not read my concern here. I know that bank has given loan to me and I have pay the EMIs. But would any one read the issues here mindfully and reply with their expertise.
viswas bhatt
(Querist) 19 November 2015
I think respected experts did not read my concern here. I know that bank has given loan to me and I have pay the EMIs. But would any one read the issues here mindfully and reply with their expertise.
Parthasarathi Loganathan
(Expert) 20 November 2015
The facts narrated has many deficiencies. Please clarify the following:
1. Terms of sanction related to stage release by the Bank. What is the total loan amount? How many stages the same was disbursed to the Builder?
2. Did Bank fail to inspect the progress of construction before release of stage-wise loan instalment? If yes, what are the documents or application taken from you?
3. Did you execute any Tri-Partite agreement with the Builder?
4. Builders' reason from non-completion of Project.
5. Whether any valid mortgage followed by Registered Memorandum done for the property?
SAINATH DEVALLA
(Expert) 21 November 2015
Answew the questions raised by Mr Loganathan?
