My family took a home loan EMI from Central Bank’s Seshadri Road branch to buy an apartment on Begur Road. The builder has disappeared and construction has stopped. We are considering legal action. Is there any way to stop paying the EMI to the bank while we resolve this? Please advise.

Apni Law
Apni Law
Law Forum › Category: Banking / Finance › My family took a home loan EMI from Central Bank’s Seshadri Road branch to buy an apartment on Begur Road. The builder has disappeared and construction has stopped. We are considering legal action. Is there any way to stop paying the EMI to the bank while we resolve this? Please advise.
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Apni Law Staff asked 2 years ago

My family took a home loan EMI from Central Bank’s Seshadri Road branch to buy an apartment on Begur Road. The builder has disappeared and construction has stopped. We are considering legal action. Is there any way to stop paying the EMI to the bank while we resolve this? Please advise.

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Best Answer

Apni Law Staff answered 2 years ago

Indian law does not allow stopping EMI payments unilaterally, even if the builder has defaulted. You can explore legal options like seeking a stay order from the court or filing a complaint with the consumer forum. However, failing to make EMI payments will attract penalties and may negatively impact your credit score.

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