Home Loan EMIs Without Possession? Know Your Legal Rights!
Buying a dream home often turns into a legal nightmare when things don’t go as planned especially in under-construction real estate projects. Let me share a real case we’re handling that highlights what many homebuyers in India silently suffer, but don’t speak about. 🔍 The Backstory: My client booked a flat in a promising under-construction project and took a home loan to fund it. As per the agreement, the promoter-builder was to withdraw loan instalments from the bank based on the stage-wise progress of construction. However, the project got delayed. The builder failed to obtain the Occupancy Certificate (OC) on time. Result? 🏗️ The builder couldn’t withdraw the full disbursement from the bank. 💰 My client, however, is paying regular EMIs for a flat that hasn’t been handed over yet! And now, shockingly, the builder is demanding additional money with interest from the buyer even without handing over possession. 1. Unjust enrichment: Can the builder charge interest or demand add...