HOME LOAN EMI SHOULD BE STOPPED FOR DELAYED PROJECTS. BUYERS HAVE LOST FULL LIFE SAVINGS
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I am putting this petition for all middle class people who dreamed about their own home and invested in real state market. Most of the people has been cheated by buiders by delaying project and by poor construction quality.
People who have booked their flats have not been get their home even after 6-7 years has been passed out while delivery promise was only of 3 years.
Buyers pain is not end on this delay construction. Banks are also sucking their blood(Hard earned money). If someone do not pay the EMI then his/her civil score will become bad. His property will be captured by Banks.
What does the mean of Tri-Party agreement where all the burden or pain should be handled only by buyer. On the other hand builder and banks are just enjoying on the money collected by buyer.
It's not only buyer profile on which a home loan sectioned. Banks says they also check builder market value and all necessary required documents. but in real this all mess has been done by both(builder and banks) masterminds just to make their business.
If there is a delay on project construction then why banks are not pressurizing builder also? Why only buyers has to pay EMI? Why not there is a delay penalty clause from Bank on builder.
Builder takes 95% payment from buyers for only creating skeleton of towers while actual work is not done. creating skeleton is not more than 40% work. What kind of checks banks applies on these construction status.
Their are multiple builders who are already bankrupted still banks allows home loan on their projects. You can take the example of Amrapali and supertech.
Government, Supreme Court and RBI has to take action for buyers by stopping their EMI until unless we get the possession. Buyers are suffering from 3 ends.
Banks are continuously taking EMI, Builder is not giving possession time line. Government is asking to leave subsidy on different things. Taxes have become Higher. Giving you a simple example. A two wheeler scotty of actual prize 44000 has around 12000 tax on it. Please justify to anyone that "Is purchasing two wheeler is a luxury". What kind of environment is all around? middle class is not even able to breath.
It's again a request to all (Government, RBI and supreme court) to have a take on HOME loan EMIs. These EMIs should be stopped on all over India on all the projects which has been delayed. Or Builder has to pay those EMIs. These EMI's should be started for buyer only when buyer gets the possession.
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