I purchased a flat under-construction in the year 2016. Till now I have not got the flat some dispute happen among the builder. The project matter is under court. I am paying huge emi bank is not ready to me listen they say if you do not pay emi your credit score will hamper what to do

Ans: I understand this is a frustrating situation. Here are some steps you can take:

Regarding the Flat:

Review your Sale Agreement: This document outlines the terms of your purchase, including timelines for completion and any delay penalties the builder may owe.

Form a Flat Buyer Association: Connect with other buyers facing the same issue. A united front holds more power when dealing with the builder or legal proceedings.

Track Court Proceedings: Stay informed about the court case's progress. This might influence your next steps.

Explore Legal Options: Consult a lawyer specializing in real estate disputes. They can advise on pursuing compensation or withdrawal from the project depending on the court case and agreement.

Regarding the Bank Loan:

Negotiate with the Bank: Explain the situation and present copies of the court case documents. They might offer a temporary pause or restructure your EMI plan.

Consider Loan Against Property (LAP): If you own another property, explore a LAP to pay off the existing loan and avoid credit score damage. However, this is a complex financial decision, so consult a financial advisor.

CIBIL Dispute Resolution: If the bank reports a default despite your efforts, you can raise a dispute with CIBIL, the credit bureau, explaining the situation.

Here are some additional resources that might be helpful:

Real Estate Regulatory Authority (RERA): https://rera.goa.gov.in/ (if your city falls under RERA)
Consumer Forum: You can file a case against the builder for delayed possession.
Remember, this is a complex situation, and the best course of action might depend on the specifics of your agreement, the court case, and your financial situation. Consulting a lawyer and potentially a financial advisor can provide tailored guidance.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in