DEAR FRIENDS,
I NEED YOUR HELP TO TAKE DECISION IN MY PROBLEM:
I HAVE BOUGHT A FLAT IN DEC,08 FROM A BUILDER. THE FLAT WAS SUPPOSED TO BE CONSTRUCTED TILL AUG,09 AND POSSESSION WAS TO BE GIVEN ON COMPLETION OF CONSTRUCTION .THE PROJECT OF THE BUILDER WAS APPROVED BY ING VYSYA BANK AND MY HOME LOAN WAS SANCTIONED ON THE BASIS OF APPROVAL OF THE PROJECT AND BUILDER BY THE BANK. I HAVE TAKEN LOAN OF 85% VALUE OF THE PROPERTY AND GIVEN TO THE BUILDER IN DOWN PAYMENT. MY EMI OF THE LOAN WERE STARTED IMMEDIATELY WHEN I TOOK LOAN. NOW THE POSITION IS THAT THE CONSTRUCTION ON THE PROPERT SITE IS VERY SLOW OR ALMOST NIL AND THE TOWER IN WHICH MY FLAT EXISTS HAS NOT BEEN STARTED EVEN. i DOUBT THAT THE BUILDER IS CHEATING US AND HE WILL NOT FULLFIL HIS COMMITMENTS.
NOW I NEED YOUR HELP IN FOLLOWING POINTS:
1.) WHAT REMEDY IS LEFT WITH ME IN SUCH A CASE WHEN BUILDER IS A DEFAULTER, WHERE SHOULD I GO TO PUT MY CONCERN.
2.) MY FLAT HAS NOT BEEN CONSTRUCTED AND THERE IS NO HOPE OF COMPLETION OF FLAT IN NEAR FUTURE THEN CAN I STOP MY EMI OF THE LOAN ON THE GROUNDS THAT SINCE I WILL NOT GET FLAT WHY SHOULD I PAY THE EMI.
3.) WHETHER THE BANK WHICH HAS APPROVED THE PROJECT BEARS ANY LEGAL LIABILITY TO US IN CASE OF DEFAULT BY THE BUILDER. WHETHER THE BANK HAVE TAKEN ANY SAFE GUARD WHILE APPROVING THE PROJECT TO SECURE ITS OWN INTEREST AS WELL THE INTEREST OF THE BORROWER.
4.) WHETHER BANK CAN BOUND US TO PAY THE PAY EVEN IF THE PROPERTY IS NOT GIVEN POSSESSION OF.
5.) HOW CAN I SUE THE BUILDER AND WHAT IS THE CHANNEL TO GO IN RIGHT DIRECTION.
6.) WHAT SHOULD I DO TO SAFE GUARD MY INTEREST IN THE LIGHT THAT THE BUILDER IS A DEFAULTER AND HE MAY RUN AWAY WITH ALL MY HARD MONEY.
I HOPE I WILL GET SUGGESSTION FROM YOU IN THE LIGHT OF LEGALITIES.
REDARDS,
VISWAS BHATT
