Ratish 07 August 2018

Is there any legal provision to stop paying home loan emi's?

Sir/Madam,

I would like to know, Is there any legal provision to stop paying the Home Loan Emi's to the Bank.?The reason for coming to this decision is delayed possession of property which was booked in Dec 2011 in Ambivili (Mumbai). There has been absolutely no work in progress on the site, also just recently got the news that the properties will be seized by the Tehesildar for non payment of taxes due from the builder's end. I have been paying EMI of 30,000 p.m for the said property last 2 years, and have lost hope of getting the flat anytime sooner.So if the entire property gets seized by the authorities, Do I have the option to approach the bank and ask them to stop the EMI's?

Please guide me , what and how should be my approach . Any advice is appreciated.

Thanks,

Ratish.

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2 Replies

R.Ramachandran (Advocate) 07 August 2018

You got the loan from the bank. From the loan amount you paid for purchasing the property.

If the possession of the property is not being given to you for any reason whatsoever, it is not the fault of the bank, who sanctioned you the loan. It is your luck or bad choice to have invested the money in the said property/project.

You have to take responsibility for your decisions. You can ofcourse take whatever legal recourse that may be available to you against the seller of the property to you.

But you cannot stop paying the EMI to the bank.