.Sir/Madam
I have taken a home loan of 41L from a financial institution against a home to be built in 2016. Initially I have given the builder half of the total amount - 26L and have been paying the EMI ever since then. But the builder have not planted a single brick in that place. And in 2018, he declared bankruptcy and issue was resolved through NCLT and given to another builder in 2019.
Now after another 2 years, still nothing happened in that area by new builder. And I am still paying the emi.
In this case, can I stop paying the emi and ask financial institution to take the property and auction and get the home loan closed?
Already I have paid nearly 15L in principal and interest. can I get this once auction process is over?
Will this impact my CIBIL Score? if so how can I recover my score
