Hi,
If the builder hasn't been able to hand over possession and has also stopped paying EMI then you are in a difficult position. I understand that you feel like your hard-earned money is on the line, and the building appears to be a far-off fantasy.
But since you own the asset and the bank officials provided you with a loan, you cannot discontinue the EMI payments. Therefore, whether an asset's value increases or decreases, and even if the builder stops paying the EMI, you will have to pay the EMI since the loan has been taken in your name and the property is in your name. The loan-providing organisation has no stake in that outcome. All they ask for is the principal to be paid and the interest to be serviced.
But you can still contact the builder and ask him to continue the EMI payments. If he doesn’t agree, you can file a possession delay complaint against him to a consumer court or RERA. I am attaching an answer which will guide you on how to complaint against a builder for delayed possession.
How to File Complaint Against Builder in Consumer Court? How to file RERA complaint online?
The builder told I will pay interest till possession but he stopped paying EMI now I am paying EMI for the last year and possession is delayed in this case. Should I switch from pre-EMI to normal EMI?
Nitin Solanki
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2022-12-19T10:16:18+00:00 2022-12-19T10:16:19+00:00Comment
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