Good Evening to all Members,
I had applied for a composite loan of 21 lakhs for a 800 sq ft house on 1200 sq ft land.
The builder is in tie up with the owner of the land to construct a gated community with around 300 + houses.
The project started in November and was assured that the possession will be done by March 1st week.
The bank has released 17 lakhs ( 7Lakhs + 4 lakhs _ 6 Lakhs) in three phases at every stage of the construction.
The problem is with the Delay and the poor quality of work under taken.
march came and went and the house now stands with just a molding with the top, and an incorrect pillar errected bang in the middle from where the stairs start, ifact the pillar is in the middle of the first stair.
I took an Engineer to check on the progress earlier this week and he mentioned that the building is of poor quality. The molding has cracks and and has seeped a little low in one of the bedrooms.
Whenever i ask the builder he says he will do it soon, but the soon never comes. He also tried to bluff saying that its according to plan, but had no answers when i showed him the plan.
The EMI has not started yet. The pre EMI is born by the builder, and last week bank called asking me, if they can deduct the first EMI, i answered back saying that they cant do that, without releasing the whole amount.
They asked for pre EMI, as builder has not paid for one month. I said no such agreements have been made, and its between you and the builder
can i approach bank and tell them to stop payment of the rest of amount in written and ask them to intervene in the matters. Even if that happens, i am afraid that the builder is going to do patch work to temperraily seal the mistakes.
Would it be possible to tell the bank, (if bank are unable to force the builders hand in improving the state of the building and not further delaying,) that i would not be paying the EMI ? What are the consequences for that?
I have the photos and video of the half constructed house.
What are my legal options, I would greatly appreciate any help that i can get, as this is my first home and building it for my parents.