Originally Posted by DCEite
(Post 1352851)
I have a question. Suppose, for a newly launched project, i take a loan amount of 80% from a bank, and lets say that booking amount for the property is 10%. Now lets say i choose for construction linked plan where builder demands certain money after stages of completetion. In such a case, what happens to the remaining 10% - ie, the amount remaining after subtracting 80% loan from 10% booking amount. When is this 10% paid and it is paid to whom - the bank or the builder ? |
Originally Posted by superamerica
(Post 1421056)
Can anyone who have faced a similar scenario enlighten me on whether this is how it works? |
Originally Posted by anujmishra
(Post 1421074)
You can easily handle this situation by giving Post Date Cheques to builder. Builder will give you receipt of cheques using which you can ask you bank to disburse remaining amount of loan. I have used this method and for me it was suggested by bank only. Now I occupied my flat. |
Originally Posted by superamerica
(Post 1421112)
That seems like quite an option! So are you saying I can give a post dated cheque to the builder for say 1.5 years from now and then show the receipt to the bank? And bank would disburse its share of 60% until then? |
Originally Posted by amohit
(Post 1421145)
In case builder is not very cooperative, you can take a loan for 80% of the value. And after you have paid your 20% share, bank will pay its due (assuming that the payment is made linked to construction). When the bank has paid the desired amount, you can make a payment from your side. Hence, you will have higher loan amount sanctioned but lower amount disbursed. But PDC option is the best. Regards, |
Originally Posted by abbey4u
(Post 1353689)
Below info was from SBI Branch Manager. The example was also given by him You need to maintain the ratio. E.g. If a property is of 1 lac and you need loan of 80 k. and you already paid 10 k. then - Bank will disburse first 4 installment without asking any part from your side i.e. upto 40 K. This will mean you paid a total of 50 K to builder maintaining a ratio of 80/20 - Now From the next disbursement bank will pay 8K and you will have to pay 2K. So the ratio is maintained. |
Originally Posted by superamerica
(Post 1421186)
I just checked the receipt given by the builder for my contribution of 15%, it says complete cheque details including the date of cheque!! . I believe for the bank to accept the receipt should not show up the cheques as PDC's. |
Originally Posted by superamerica
(Post 1421186)
Actually Im in a Catch22 situation. I dont want the sanctioned amt to go beyond 30Lakhs since at the lower side of 30l is where a lot of benefits are offered. In case of SBI maxgain is available only below 30l, along with a lower % rate and a bigger spread (SBAR -2%). I just checked the receipt given by the builder for my contribution of 15%, it says complete cheque details including the date of cheque!! . I believe for the bank to accept the receipt should not show up the cheques as PDC's. |
Originally Posted by saildrive
(Post 1598756)
What is a commitment charge? |
Originally Posted by DCEite
(Post 1663194)
Guys, I am looking at applying for home loan for a property in NCR. The builder is pushing me to take home loan from Axis Bank. However, doing some reserch i thought it will be better to go to a public sector bank like SBI even though SBI margin money is 20% whereas Axis bank provides 85 % loan (margin money 15 %). I am confused. I will be taking the construction linked plan. Which home loan to go for - Axis bank/ SBI / Bank of India (my savings account is here) OR some other ? |
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