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Ramalingam Kalirajan |7758 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Apr 04, 2024

Ramalingam Kalirajan has over 23 years of experience in mutual funds and financial planning.
He has an MBA in finance from the University of Madras and is a certified financial planner.
He is the director and chief financial planner at Holistic Investment, a Chennai-based firm that offers financial planning and wealth management advice.... more

Question by Raman on Apr 02, 2024Hindi

Hi I had taken the housing loan in 2008 for 20lakh and rent out the flat for 2 years, during this period my flat was not registered into my name, after 2 years I sold it to the 3rd party and he took the loan again on the same flat, the loan amount went to the builder account as it was not registered in my name, builder assured me to clear my dues after some time but till date the matter is still pending, he is absconding and my cibil is badly affected as I was not paying the EMI of my bank loan, my only fault was not to get the flat registered into my name, please advise me how to come out from this mess as bank is also sending notices to me. He has done the same fraud to many other investors.

Ans: I'm sorry to hear about your situation. Dealing with such a complex and unfortunate scenario can be challenging. Here are some steps you can take to address the issue:

Gather Documentation: Collect all relevant documents related to the housing loan, sale agreement, rental agreement, and any communication with the builder or bank. These documents will be crucial in understanding your legal standing and building your case.

Consult Legal Assistance: Seek advice from a lawyer specializing in real estate and property law. They can help assess your legal options and provide guidance on how to proceed. They may suggest legal actions such as filing a case against the builder for fraud or breach of contract.

Contact the Bank: Communicate with the bank to explain the situation and provide them with any relevant documentation. They may offer assistance or solutions to help resolve the issue, such as restructuring the loan or providing temporary relief until the matter is resolved.

File a Complaint: Consider filing a complaint with the appropriate authorities, such as the police or consumer court, against the builder for fraud or cheating. Provide all necessary evidence to support your claim.

Credit Repair: Work on repairing your credit score by diligently paying any outstanding dues and resolving the issue with the bank. You can also explore options for credit repair services or counseling to improve your creditworthiness.

Seek Financial Counseling: Consider seeking guidance from a financial counselor or advisor who can help you navigate through the financial implications of the situation and plan for your future financial stability.

Stay Persistent: Dealing with such matters may take time and patience. Stay persistent and proactive in pursuing a resolution to the issue.

Remember that every situation is unique, and it's essential to seek professional advice tailored to your specific circumstances. Keep records of all communication and transactions related to the matter to support your case effectively.

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