mishthi

While tightening the housing finance process, RBI has issued fresh guidelines to commercial banks on especially dealing with building violations and illegal properties.
Henceforth, an affidavit-cum-undertaking has to be given by the property owner/borrower stating that he/she shall not violate the sanctioned plan and construction will be strictly as per the plan.
Also, it will be the responsibility of the owner to obtain completion certificate within three months of completion of construction. In case this undertaking is not fulfilled, then the bank can recall your loan. Banks has been directed to appoint an architect to monitor if the construction is as per plan or not.

Now, will these guidelines strengthen the process of home loan / construction loan disbursements, or the process will become complicated for the borrower, who will have to run all the time to get the documentation completed. And in Indian context, where corruption is touching heights everywhere, will this process be fruitful in actual?