Recovery of loan: Legal questions
have borrow a home loan as per agreement builder have to pay pre emi till possession but now builder refuse it bank harrash me as they said we gave loan on your basis not to builder so what we do? kindly help me
After evaluating the provided facts, it is to be assumed by us that you had entered a Tripartite Agreement upon which the parties have agreed to the terms and conditions of the contract. As per the given information, clause is provided in the agreement wherein the builder has agreed upon the payment of the Pre-EMI before the possession of the property. Now, I would to like to draw your attention to another aspect which may have been provided in the agreement i.e. on failure to provide possession the builder would be liable to pay the amount to the Bank i.e. the EMI and not the residential amount. If the clause has been provided which I am sure it would in it, then the liability for the payment of EMI would be upon the builder. There is a breach of a contractual obligation, which can be challenged under Indian Contract Act. Also, the official complaint may also be filed against the bank on harassment.
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