I booked a flat in 2007 by paying booking amount of rs 1, 45, 500/-, later paid approx 2.5 Lakhs margin money and took loan of 11 Lakhs for which I am now paying EMI to the lending bank.
Possession of the flat was promised for April, 2009 but I did not get possession even after passing additional 18 months. However, when I contacted builder office, they gave me a letter confirming penalty payback @5/- psqft at the time of possession but the letter covers delay clause of the period of upto Sept 10 only.
Now-a-days, the builder is in judicial custody for some money laundering case related to one of his other projects. Also, the project where i purchased the flat is sealed for constructing additional floors in some blocks.
There are people who are talking about legal action against the builder, asking refund of their money with interest. But I came to know about few cases where buider gave post dated cheques as refund money which later bounced and people did not get their money back at all.
I am badly under depression as my hard earned money is invested and I am still paying hefty EMI to the bank.
Pl. suggest how can I come out of this trap. How can I get my money back with interest I have paid till date? Can I stop my EMI till I get any solution to this?