Should i stop emi when buider has failed to deliver possession
Querist :
Anonymous
(Querist) 23 September 2011
This query is : Resolved
To the Experts,
In 2007, I had booked a flat at Aura Chimera Apartments in Indirapuram to be constructed by Nitishree builders and the possession was to be handed over in April 2009. However, since last 4 years, there had been hardly any construction on site and buiders keeps giving false promises and even decline to return money.
Hundreds of people are stuck with their money invested in.
A few months back, Anil Jain, MD of Nitishree was arrested by the Police on fraudulent charges and we are in a great fear of what will happen to all our money paid to builder.
I have taken a home load of Rs 15 lacs from the bank for which I am paying heavy EMI every month. Bank is still pressing me pay EMI every month as they have already paid to builder and are taking the plea that they gave the loan on my credit standing and not the builder's.
My main concern is:
1. Can I stop payment of my EMIs to bank now without loosing any further money and will the bank be able to charge any penalty or spoil my credit history in this case if I do so.
2. What action should I take to get my money back.
We are in a great distress and would appreciate response on this matter.
Humbly awaiting a response
Anonymous.
prabhakar singh
(Expert) 23 September 2011
1.a] Can I stop payment of my EMIs to bank now without loosing any further money ?????? IT IS NOT ADVISABLE.
1.b]will the bank be able to charge any penalty or spoil my credit history in this case if I do so.???????? YES QUITE POSSIBLE.
2. What action should I take to get my money back.???????????? FILE A CASE AGAINST THE BUILDER IN CONSUMER FORUM CLAIMING ALL AMOUNT
INVOLVED AS DAMAGES.
Shailesh Kr. Shah
(Expert) 23 September 2011
1.No, If you are not making payment, you will not get loan in future from any bank.
2.Go to the Consumer forum.
Advocate. Arunagiri
(Expert) 24 September 2011
Even if there is any delay in handling over of possession by the builder, you have to remit the EMI.
You can claim compensation from the builder for delay in completion.
Querist :
Anonymous
(Querist) 24 September 2011
To the experts
A lawyer suggested me that i should file a civil suit and consumer forum is a secondary option. Please advise as to the correct course of action.
Also as regards limitation period, would my suit/consumer complaint be sustainable since the builder had promised possession in April 2008. Would it not be barred by limitation since it has already been more than 3 years??
Please advise
Thanks.
