Sir,
I am in desperate need for your advise on my house loan. I am NRI home loan customer with ICICI.
I bought an Apartment in Nallagandla, Hyderabad, it was built by non-reputed part time builder. There are so many loop holes in this.
It has been 3.5 years since ICICI Bank has fully dispbursed the loan. However apartment is not fully built even today.
I learnt recently when i try to transfer the loan to SBI that this property is violating the building laws, so i can't hope for Occupancy
Certificate, Khata transfer has not been initiated. Moreover, Lift, Water and Elctricity is not in place.
Despite all these problems, ICICI bank had shown over interest to disburse the loan fully 3 years ago. I am making regular EMI payments over
3 years now without any return from this property.Moreover property prices declined.
I am not in a position to pay EMI (Rs35000/-) per month. Property value has declined, builder cheated, building law violations, irresponsible bank loan disbursement process, frequent increase in interest rates...As a result everything is a problem.
At the same time bank increased the interest rates to above 12%.
I do not need this property, prepared to give up money i have invested on this property( around 25 lacs so far in the form of down payments + EMI payments)
Please advise what are my options. Do i have an option to surrender the property to a bank ( either default or some other means)?