Right to denial of EMI on home loan, in case of delayed builder projects.
This petition had 7 supporters
NPA is about 'Non Performing Assets' for a Bank. Although a loan starts with try party agreement (buyer, builder, bank) and each party supposed to be equally stake holder. So why buyer only becomes the culprit of NPA.
We believe that real asset is the project for each party (buyer, builder, bank). In case if that gets delayed the project should be declared as NPA Project.
Buyer must have right to deny EMI for NPA project, as per the definition above for NPA project.
Buyers for such delayed projects has to stay on rent and give EMI, for an indefinite time. That is not a justice to them but a crime.
Also to break the nexus between banks and builders, as examples are there where people started real estate business through this nexus and projects are far away from the date of completion. Even such builders are not able tp provide a projected date.
Allowing it to go as the same, is nevertheless than to support the crime.
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