Hi,
I have received orders for refund along with interest in a RERA case against the builder. However the builder has not honored this order and the case has gone to execution.
Should I continue paying the EMI interest on the loan taken against the property till the execution order is implemented and amount is recovered. Is there any option to stop paying the EMI. Please advise.
Regards
Sandeep
3It is essential to continue paying the EMI interest on the loan taken against the property until the execution order is implemented and the amount is recovered. The EMI payments are your contractual obligation to the lender and defaulting on them can result in adverse consequences such as late payment fees, penalties, legal action, and damage to your credit score.
While you may have received orders for a refund along with interest in a RERA case against the builder, until the execution order is implemented, the refund is not yet realized. Until the execution order is implemented, the refund amount is not legally enforceable, and therefore, it cannot be used to offset the EMI payments.If you are facing financial difficulties, you may consider discussing your situation with your lender and exploring the possibility of restructuring your loan or extending the tenure of the loan. However, this would depend on the policies and procedures of the lender and is subject to their approval.
It is advisable to seek professional legal and financial advice to understand your options and obligations regarding the EMI payments and the RERA case against the builder.
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