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vikas singh (Manager)     06 February 2012

Home loan arbitration and ecs bounce, urgent help required

Dear Advisors,

I am in total mess which is impacting my job and personla life big time, some advise and suggestion on this is more appericiated. I try to summarise in short.

I have taken a home for a property from Niho builder in Indirapuram, NCR, from Deusche postbank. We have signed a tripartite agreement with bank and builder. I paid the EMI thru ECS for 15 months, but on noticing no development from the builder i updated the bank that i don't want to continue with the loan kindly recover the loan from the builder. But bank paid no attention to my request and continue to ask me for EMI and ECS continue to bounce. Now the loan is under arbitration, I have mentioned that as per tripartite agreement i can withdraw from the loan anytime i want and bank has to recover the loan from the builder.

Bank is continously sending me notice for EMI bounce and has mentioned that i have to pay the EMI, despite it is clearly mentioned in the tripartite agreement that loan, all charges and penaltites to be recovered from builder, he will in term deduct that from my initia;l deposit.


Kindly advise what to do??


 5 Replies

Kwatra Corporate Advisors (Advocates)     06 February 2012

These things cant be explained here at lenthg..Request you to calll us at 9910024499....




DEFENSE ADVOCATE.-firmaction@g (POWER OF DEFENSE IS IMMENSE )     08 February 2012

It will be lengthy procedure but you have to file criminal complaints against all.

Nazeer Ahmed (Managing Director)     20 February 2012

You move the consumer forum against the builder and make the bank as the second respondent or you move a specific perfomance suit against the builder and file for the injuction on the emi till the completion of the property unless you move through the process of law there is no remedy for you.

Shonee Kapoor (Legal Evangelist - TRIPAKSHA)     28 February 2012

1. It depends on the agreement, what were the terms and conditions in the same.


2. You can move the consumer court.


3. You can complain to banking ombudsman if the bank is at fault.


Shonee Kapoor

vikas singh (Manager)     16 May 2012

Hello Mr Kapoor,

1. Clause 4 of tripartite agreement says that borrower can withdraw from the loan or if he is not able to pay the EMIs bank should collect the loan about from builder. And builder can deduct the charges from my initial deposit. --- I am wondering that why bank is after me full-time, there is no action from bank against the builder.


2. Consumer court is a lengthly process and i can only go against the builder. Instead i want bank to go to builder and collect the amount.


3. This loan is under arbitration, can i still go to banking omburdsman?




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