|
|
|
|
|
05-01-09
|
#1 |
|
New Member
Join Date: Jan 2009
Posts: 3
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 0  |
When does a bank disperse the full amount of home loan?
Any hellp would be highly appreciated because I buying a house without assistancea nd on my own
 .My under-construction flat is almost complete. The home loan was a part-payment type. The builder is asking for the full and final payment for the flat. I have to provide a letter to the bank for this and would like the eligibility for a complete flat for a full dispersement of funds by the bank before this. Kindly help with any details urgently. |
|
|
06-01-09
|
#2 | |
|
New Member
Join Date: Jan 2009
Posts: 3
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 0 |
Quote:
|
|
|
|
|
06-01-09
|
#4 | |
|
Senior Member
Join Date: Dec 2008
Posts: 594
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 1 |
Quote:
a bank will hand over full payment on inspection of completion,a completion letter from the builder and you. the building should be ready for occupation. |
|
|
|
|
07-01-09
|
#5 | |
|
Senior Member
Join Date: Nov 2008
Location: Tamilnadu
Posts: 855
My Mood:
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 1 |
final disbursement
Quote:
You should authorise the final payment when the builder has completed the flat in all respects as per the specification, plan and scope agreed with the builder. As the period Jan. to March is very crucial for the buyer to claim the interest benefit under IT provisions, the buyers tend to give the completion certicate and taken over certificate which may enable the Bank to disburse the last and final payment. If there are pending works, good builders may do them even after the final payment. But there are many who will make the buyer run pillar to post to complete the works. One will be really fed up and may even do them himself at his cost blaming his fate. So the hurry to give the completion certificate to bank is more for the buyer than the seller. I know about a recent case wherein the buyer gave the full money ( of course no bank loan ) to the builder and the builder is yet to fix window grills, staircase is not fully done as also the cement flooring around the building within the compund. Window wooden frames are put but the rods are still to be fixed. It is already 3 years since the construction started.The buyer is running pillar to post even to get hold of the builder who all along doing a good job, is in financial crisis as he entered into film production and has no money to spend to complete the flat. He has neither completed his film production nor the flats. ks2071746 Last edited by ks2071746; 07-01-09 at 10:39 AM. Reason: spelling |
|
|
|
 |
| Tags |
| amount, bank, disperse, full, home, loan |
| Thread Tools | Search this Thread |
|
|
Similar Threads
|
||||
| Thread | Thread Starter | Forum | Replies | Last Post |
| ICICI Bank launches 48-hour home loan processing in Mysore | dewakar | Other Cities | 1 | 07-08-10 07:58 PM |
| Union Bank cuts rates on sub-Rs 20 lk home loans | mishthi | Home Loans, Relocation, Vaastu Shastra | 3 | 26-09-09 07:35 PM |
| State Bank hikes prime and home loan rates | prashant | Home Loans, Relocation, Vaastu Shastra | 0 | 20-02-07 12:53 PM |
| Is the Home Loan interest amount exempted from income tax? | Smantha Sen | Home Loans, Relocation, Vaastu Shastra | 1 | 14-02-07 12:48 PM |
| Indian Bank home loan rates up | bikash | Home Loans, Relocation, Vaastu Shastra | 0 | 03-02-07 11:37 AM |
He just wrote a question and not any article.
