Adil (abc) 16 January 2020

Home loan from nbfc on illegal unapproved property (flat)

I have taken a home loan from an NBFC on an illegal property (Flat). They have given me a mandatory home loan insurance along with the loan. Its still under free lookup period. I have heard that it is not a mandate. In case the NBFC does not cancel the home loan insurance and I file a suit in civil cout and stop paying EMI, Can they forcefully sell/auction my flat to someone else?

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2 Replies

Rupin Dhama 16 January 2020

have you taken the loan or the loan is on approval stage?

if you have received the loan then make the entire payment then only your property is safe. if the loan is on approval stage then send a letter to the nbfc not to disburse the loan in your account.

For more information contact us on 9999121211 or email us on rupin.lawjunction@gmail.com.

Thanks,

Rupin Singh

Adil (abc) 13 February 2020

I have taken the loan and also got the registry done. I received the insurance documents which stated that I can surrender my home loan insurance policy as it is not mandatory to have it. I have sent a request for the same and I did not get any satisfactory revert from them till now.