Legal Question in Civil Litigation in India
Housing Loan
I had purchased a flat through ICICI Home loan in the year 2006 which was under construction and have to be completed and to give the possession in July 2007 and my EMI started from June 2006. Till now Iam paying the EMI which i Rs.101000.00 without default. Meantime the Bank had written to the builder during December 2007 not to hand over the flat since they had not in receipt of the sale deed of UDS, which i had given it before the disbursement of the loan to the builder and the builder had withheld the flat. I had moved the consumer forum against the builder and the ICICI and it is pending in the file of the forum. My question is : is there any way so that i can suspend my EMI till i get the possession of the flat? whether any law is there so that i can do it? Please guide me.
4 Answers from Attorneys
Re: Housing Loan
It will be better to take guidance of the lawyer fighting your case as he is well equipped with facts and details than we are.
Re: Housing Loan
What is the mode of payment? If PDC or ECS then stop it.
Ask your lawyer to inform the court about the facts.
Your matter will be resolved.
Re: Housing Loan
Ambiguity between financial institution and customer can be resolved amicably. This is not such an important issue. Don't stop payment unless you or your lawyer meets each other to resolve the matter. Better advice later.
Re: Housing Loan
The suspension of EMI may not help you because your liability has already started. Instead, you may pursue your remedy against the builder and claim damages.
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