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Do we have to pay EMI on demolished property?- Property Hotline
Posted
July 29, 2016
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July 29, 2016
746
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3:44Now PlayingDo we have to pay EMI on demolished property?- Property Hotline
Expert: Kartik Jhaveri, Founder & Director of Transcend Consulting India Pvt Ltd.
Question: I own a flat that I bought in 2007 via a home loan. After 4 years it was declared unsafe to live in due to a structural problem in the building. It went in for redevelopment in 2013. The building is demolished. We live in a rented house. What is the status of the loan EMI?
Answer: This is similar to an under-construction property situation wherein the property is under-construction, it's still not complete and ready to live but you still have to continue to service the loan. Now in this case as well the onus to service the EMIs still rests on you. You can choose to default on your loan payment but this will mess up your CIBIL score and you may find it difficult to avail of a loan in the future.
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