Legal Question in Real Estate Law in India

I have bought a flat on Feb 2012. I paid the downpayment and rest amount i took a loan from LIC. LIC released the first installment .
on the agreement , builder has clause to handover the apartment in 2 yrs and grace period of 6 months. on 26th 2012 the builder got arrested for a land fraud case. Around 1100 complaints registered against him after than.His all bails were rejected by high court. Our flat constrcution works stopped from jan 2013 and no progress made from that day onwards. Even their offices are now seized by CBI.I have very less hope if i could get my flat.I am still paying my EMIs . What are the legal options i could take here? can i stop my EMIS? Your guidance is appreciated.

Asked on 5/28/13, 1:29 pm

Shrichand Nahar S.V.Nahar, Advocate

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Check terms of loan.

If loan is connected with your getting the property, then you may stop payments.

If loan is not connected, then you are liable to pay.

Answered on 6/07/13, 2:56 am

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