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flat purchased ,bank loan sanctioned, emi not paid, flat not registered, loan outstanding

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flat purchased ,bank loan sanctioned, emi not paid, flat not registered, loan outstanding

Last updated: October 7 2020
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  • flat purchased ,bank loan sanctioned, emi not paid, flat not registered, loan outstanding

    I had purchased a 715 square feet flat with a bank loan 5 years back by paying a payment of 2lac and the balance was a bank loan of 21.5 lac.
    I could not pay the loan since 5 years I had lost my job, my mother’s death and I had to take over some other loans and priorities.

    Now the bank is asking for 23.lac with penalty interest and the builder is asking for a penalty of 1.5 lac additional. Please tell me can I surrender the property and come out with my money fo 2 lac.

    Please note I have not registered the flat yet.
    What are my other options?
    Due to covid there is no appreciation in the area
    What is the best method to come out of this problem with the bank and the builder.

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