Legal Question in Credit and Debt Law in India
i have taken housing loan in 2004. I stopped the repayment as builder not constructed my property and after construction given to other. now the bank is telling they will file money suit/some other legal action against me.
is bank legally able to file any legal proceeding against me? if yes what type of legal action will be taken
is
1 Answer from Attorneys
19.02.2016
Dear Sir / Madam,
The housing loan agreement is between you and the Bank. If the Builder has failed to complete the construction of the building property and handover possession of the flat property to you, and especially since the Builder has handed over the property to a third party, your recourse lies against the Builder to recover your monies with interest from the Builder. In short, whatever fines and penalties and principal amount with interest that you have paid the Bank, automatically becomes your legal claim amount adding legal recovery costs to it, against the Builder.
Regards,
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