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Chints (clerk)     29 May 2011

Non Payment of SBI home loan EMI


i bought a flat in hyderabad after taking loan from SBI. The EMI is 20,000/- and the flat is not yielding any rent,'coz builder did not complete the building and ran away though my flat is complete in all respects. Now, it's getting tough for me to pay EMI. I'm a central govt employee, can i tell SBI to take over my flat and stop the EMI and cancel the loan? 

I'm okay with whatever losses i will have so far. please guide me through this. need urgent help.. please


 7 Replies

Indrajeet Dasgupta (Advocate)     29 May 2011

Find a purchaser, approach SBI for foreclosure. If you stop payment SBI will continue adding interest and ultimately sell if off at a very low price and claim the balance if the full amount with interest is not recovered.

sinuvasu (advisor)     29 May 2011

try to counsult the local authorities to whome ur builder seeks permission to develop your colony n give them a complaint that as per the committment done n seeks permission to develop n construct ur colony n ur coloniser not done it as per his commitment..n the authorities r equally liable if ur coloniser defraud u n other customers like u.After giving a representation to the authorities concerned u approach an expert advocate in civil matters n institute a civil proceedings against all the concerned authorities who provided permission to ur developer/coloniser to built ur colony n  seperately another advocate to sue ur coloniser in a consumer dispute redressal forum.Further u need any assistance pls try to contact me without any hesitation,around the clock.my mob.no is 09039278705/09827174672.n all the best.

bhagwat patil (Property due diligence 9422773303)     30 May 2011

Bank has nothing to do status of your property,you have to pay the EMI otherwise settle the matter with bank

Rahul Verma (Consultant)     01 June 2011

If you care for social good, then follow what 'sinuvasu' says else do what 'Indrajeet' has said. Its best for you to find a buyer and foreclose the loan. I am sure the current market value is nore than your purchase price.

Chints (clerk)     01 June 2011

thanks everyone for ur kind advices.

@rahul and indrajeet, I'm looking out for buyers to foreclose the loan, even in price which is below my purchase value and going in loss, but, still people dont show interest, 'coz the building is incomplete. I'm stuck badly.

RAJU O.F., (Advocate)     06 June 2011

Find ways to close the Housing loan with the bank at the earliest.  If defaulted more than 90 days bank can proceed against you under SARFAESI Act and can sell the property for a meager amount.  Find out other purchasers in the same apartment and take conserted action against the vendor/builder.

elisagrace   11 February 2017

I have also passed through the similar situation and I was paying Rs 35,000/- EMI. After fully satisfying myself from all angles like properly calculating its EMI with the help of Home Loan EMI calculator https://emicalculators.in/, I applied for the loan. For one year I was very regular in paying its EMI, later on, one day I came to know about builder’s fraud. I approached the bank and told them that I stop paying its  EMI with immediate effect and I am ready to hand over my flat to them after describing them the whole story. They described the matter as my personal matter and they told me that if I’ll stop paying EMI, then they will put the double penalty on me.  Therefore bank has nothing to do with your personal manner.

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