Respected Law Professionals,
I have booked a flat at Nizampet area, Hyderabad in the year 2008. Builder doesn't have any past experience and I had approached him through a knon source. Builder himself did a loan processing for me and got an approval for 20lakhs from Union Bank. I've started loan re-payment in 2009 and in the same year builder gone absconding leaving the project semi-finished. I could continue the re-payment for few months and stopped it later informing the bank that I can continue the EMIs only after the construction is completed.
Bank has also disbursed one of the cheques to the builder without my signature and any letter to the bank. In many instances it was very clear that the builder and few bank employees did scam in getting the loan approvals and amount disbursements to the builder. Another instance I can mention is that - our apartment falls in Panchayat layouts and the Union Bank has approved the loan very easily for the flat on 5th floor (though many private banks reject when it exceeds G+2)
Almost an year after I stopped paying the EMIs, I got a call from bank person that they are going to put my flat for auction. I said that it is fine and I couldn't continue with the property on 5th floor without LIFT and no Power supply. In reply to that, that person told that - as it is already mentioned in the agreement that it is a semi-furnished flat, you cannot expect these facilities. I asked him - how does a national bank approve loan of 20laks for such poor property and he didn't have answer for that.
There are totally 52 flats in that venture and out of that seven families took pocession and continue living with many problems as they don't have any other option and more over that builder has taken support of some local gunda after he is out from absconding.
To check my status on CIBIL, I've got CIBIL reports in the year 2011 also in 2012. Surprisingly, I don't see this transaction record in the CIBIL.
I have so many questions peeling my mind regarding the legal issues because of this wrong step in the future.
1. Why bank is not interested in approaching me?
2. How will they recover the remaining amount after auctioning my flat?
3. Why this transaction is not in my CIBIL ?
4. How shall I depict to the court when I have to legaly face this case that the builder and few bank employees are involved in this cheating ?
Kindly someone show some light on this issue and please help me to get rid-off from this pressure.
Thanks,
Sidhartha
