Bengaluru | 16 Feb, 2023 (3 months, 2 weeks ago)

Property Law

How to stop paying EMI to bank for a under construction property (work stopped b

I am an NRI. I invested in a property in Bangalore in 2017. Till date I have disbursed 90% of the amount to builder. Rest 10% is held by the bank to be released to the builder after the registration of the property. The builder has stopped the work and stopped responding to the questions from the buyers. The association has been formed and the association is in the process of filing a case in NCDRC on behalf of all the buyers. This may take some time. I would like to know if I can stop paying the EMI to bank. The EMI payment was started from May 2020. What is needed before I stop paying the EMI to bank? Thank you!
16 Feb, 2023 | 16:37

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