Property in legal dispute yet have to pay EMI

Q: Frnds kindly help with some info. I buy a property which is under home loan. For some reason the property comes under some dispute or builder stops the construction... Do i need to keep paying the EMI???

Sunil Sharma, Noida

3rd October 2013

Legal in Delhi

home loan

legal

emi

delhi

loans from bank

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Replies (4)

Yes, true also I would like to add that it is in your own interest to continue to pay the EMI, so that you can maintain a clean credit history. But not paying the EMI, you will spoil your credit history and this will damage your ability to avail any future loans from the banking system in future.

Kajal, Delhi-NCR

3rd October 2013

Comment

Firstly i would like to state that property insurance's does not cover risk on matters that is based on delay of the project or any legal dispute.
The story is it is the buyer who is responsible for it. You need to check all the documents before you opt for any project.

Neha Srivastava, Delhi-NCR

3rd October 2013

Comment

How will property insurance help me such cases?? What role will it play???

Pavan Jain, Delhi-NCR

3rd October 2013

Comment

Hi, the fact is you are liable to service the home loan in a independent. If in between the possession of the property is delayed or the property falls under some dispute then its is builders fault. But in such cases you have to keep on paying the EMI.

Gaurav Malik, Noida

3rd October 2013

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