You must have entered into a triparty agreement where parties are yourself, the bank and the builder

as per my understanding the liability to pay the pre-EMI is on the builder till he hands over possession of the flat to the buyer and thereafter the buyer has to pay the EMIs of the bank

so you need to check the consequence as stated in the triparty agreement as to what would happen when the builder fails to pay the pre-EMI to the bank 

as far as i recollect the subvention scheme was reprimanded by the Reserve Bank of India and a circular is also issued by the RBI directing all the banks which are regulated by RBI to not finance loan for home purchase under such subvention schemes

i would like to see your triparty agreement 

you can book a paid phone consultation through kanoon and connect with me

many flat buyers are duped due to such subvention schemes all across the country 

in my view the bank cannot resort to SARFAESI and move the DRT court against the borrower/flat purchaser when it is no fault of the buyer and its only the builder to blame who would have taken the entire money from the bank and then abandoned the project

this matter has to be decided by the High Court in a writ petition or in a PIL filed on behalf of the flat purchasers affected by the subvention scheme of the banks

Bank can seek attachment of your other property to recover its dues 

If you transfer other properties bank can obtain court orders to set aside fraudulent transfer as it was done to evade creditors 

Dear Client, 

You can attach your other assets or FDs in other banks against this loan. Also, yes, banks can attach your other assets in other banks when they proceed through DRT. If the children are major, then you can transfer your property to them. However, if they are minor, then you being the guardian will be liable to attach those assets to the bank. 

Thank you

The bank cannot attach the property which is not given as collateral security for the housing loan. 

In fact if your FDs are not in that bank then the bank will not come to know about your such accounts. 

Even if they are aware of your various movable assets in bank or any other institution,  they may have to collect the particulars of all the assets and file a case before concerned court seeking attachment of such assets. 

You can transfer those property to anyone which is not given as collateral security for obtaining the loan. 

1. You are to do the due diligence before booking/agreeing to buy the property.

2. Was the said under construction flat mortgaged by you? If yes, then what property document you have kept in deposit with the Bank?

3. Bank can take possession of the property which you have mortgaged with the Bank under SARFAESI Act, 002.

4. For taking possession of and selling your other properties which have not been mortgaged by you, the Bank shall have to file an Original Application under Recovery of Debts and Bankruptcy Act, 1993 which will take years to be disposed of.

1.     Bank can file O.A. before the DRT praying for order for attaching other properties of the Borrower and for selling the same to recover the outstanding amount standing in the name of the Borrower, as explained in my earlier post.

2. Such O.A. case takes a long time to be disposed of.

Bank can go for attachment before DRT but you cba go for stay in the same.