Pramod 23 June 2017

Booked home in subvention scheme and builder is not paying emi

Dear Sir/ Mam, I have booked a residential flat in Amrapali in Greater Noida in Subvention Scheme, which states that No Pre EMI till offer of possession or 36 months whichever is earlier and builder has to pay the EMI. Builder has paid few EMI and it has stopped paying the EMI since last 5 months. My home loan was sanctioned from State Bank Of India. My home loan account has become NPA and bank has transferred my account to recovery department. Now I am receiving threatening phone calls from the bank. By no any means I can reach to the builder. Kindly suggest me what should I do. Regards, Pramod Kumar Chaurasia

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Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 ) 23 June 2017

Normally loan amount will be recovered on installment basis. The manager can fix installment period on the basis of nature of their business.

Example:

Installment fixes on salaried person on a monthly basis.
In the agriculture sector, installment fixes on biannual basis.
Business person normally 1 year per installment.

Recovery is different from one loan to another.

In short term loans recovery is less than 36months.
In medium term loans recovery is from 36 months to 84 months.
In long term loans recovery is normally 84 months or longer.

The repayment period can extend up as per the STC act in exceptional cases, normally bank recover the loan amount from customer, easily do not give the trouble to them.

Pramod 23 June 2017

Thank you very much for your reply. In my case tenure of loan is 30 years and EMI is 25K which builder has to pay as per the agreement. Builder has paid the 20 EMI and now he stopped paying and as per agreement builder has to pay until possession of flat is offered. Earlier bank was sending notice to builder if EMI not paid but since it become NPA bank started threatening me. Please suggest me what should I do in this case.