I just came to know that HDFC stopped disbursement for Max Royal Sec-76 project and will take decision 1-2 days. Did anyone faced this situation from other banks for falts booked in 7x sectors?
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  • I was just thinking, can bank stop disbursement of loan if it has already disbursed one installment(which means that bank has verified all paperwork of builder and buyer). if bank stops disbursement of loan after verifying everything, won't it be right of loan taker to take bank to consumer court, as he will be facing possible penalty from builder and other metal anguish because of the bank's decision. also bank has also charged good amount of money as processing fee. will they return that amount as they will not be disbursing loan anymore.

    will someone with legal knowledge care to comment?
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  • Alok Bhai,I think we must check the documents that we signed while asking for a home loan.
    There are huge number of papers which we sign & usually don't read while availaing this facility.I think there should be a hidden clause somewhere that if the property becomes disputed,the bank may stop further disbursement or may even ask for complete settlement.The banks deal with such cases every now & then.
    Someone with loan papers can verify this.
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  • I don't think..anyone can drag bank into the consumer court for this, even if one does, chances of banking winning are more. I am not sure but if one reads the clauses mentioned while sanctioning the loan, they must have mentioned something related to this.
    They are not fools, they are doing business & are very good with their legal department.

    Don't waste your time in running after HDFC. Wait for their decision, they are reviewing the documents again. Instead ask your builder what to do, as his project is not supported by HDFC anymore.

    You may have to go for another bank loan, if HDFC retains their decision
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  • Arora_B, u r quite right .

    The fine print says it all .
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  • This is a "ACID TEST" for the current ongoing situation -

    -- If Bank stoppped the payments - doomsday has arrived.
    -- If Bank is OK with the payments - things will be fine in no time.

    Banks - I mean only - LIC + govt banks + HDFC (biggest home loan lender in the country).

    Regards
    Sbajaj
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  • Originally Posted by alokgarg
    I was just thinking, can bank stop disbursement of loan if it has already disbursed one installment(which means that bank has verified all paperwork of builder and buyer). if bank stops disbursement of loan after verifying everything, won't it be right of loan taker to take bank to consumer court, as he will be facing possible penalty from builder and other metal anguish because of the bank's decision. also bank has also charged good amount of money as processing fee. will they return that amount as they will not be disbursing loan anymore.

    will someone with legal knowledge care to comment?


    not sure of the legal aspects but sure the cusomer will be extra concerned next time going for the same bank
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  • Banks including HDFC temporarily reviewed their exposure to Noida but today they have gone ahead with confirmation that disbursals shall go on for Noida Projects. So not to worry.
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  • Originally Posted by rajaji
    Banks including HDFC temporarily reviewed their exposure to Noida but today they have gone ahead with confirmation that disbursals shall go on for Noida Projects. So not to worry.



    Good News for Noida Projects.

    What about NE?
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  • can someone confirm please, if HDFC has started disbursing loans or not for max royal 76.

    Recently only i have applied for the loan
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  • Suddenly all the so called legal experts disappeared.

    It is a very valid question raised by Alok. Most of us proceed to buy a house on the promise of Bank Loan.

    Suddenly if the bank stop payment of loan amount at the middle or the worst, they stop disbursement at the middle and then ask to return back already disbursed amount.

    I am certain that bank's legal expert already crafted their terms and condition accordingly ... and we blindly signed all those.

    Anyway, signing a biased agreement does not mean anything as that can be challenged to any court at any point of time.

    Bank approved and disbursed a loan amount only after extensive due dilligence and both the parties technically agreed to share any future and unknown risk equally.

    What option a common man has in this kind of situation?

    Any expert want to share please?
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  • Most of us proceed to buy a house on the promise of Bank Loan.

    agar paise nahi hai to fir makaan lene ke kyu soche bhai logo ?

    future earnings - ha ha ha ha - look at what happened to Bear Sterns and AIG by overleveraging themselves.

    jitni chaadar ho utna hai pair failana chahiye ;)

    rohit
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  • I have said several times that, signing an agreement doesn't mean that you have signed away your legal rights. every agreement has to conform to law of the land and nobody can enforce an illegal agreement or illegal parts of agreement. so the question becomes what are the prevailing laws.

    Another issue is, that bank disbursement or even approval of loan is used as a benchmark by lots of people that project is OK to go with, as bank would have done all the paper verification before disbursing this money. now if bank says, we were wrong in approving this project then it is their fault too.

    Now several people will loose their money as they trusted bank's judgement. so they can even claim that they have lost money because of bank's incompetence in doing verification. Now I am not saying that they will be able to get their losses from bank, but at the least bank will have to share in their misfortunes.

    In any case, any bank reneging on its commitments after taking processing fees and checking all documents will destroy its reputation in the market.
    Originally Posted by ondabhai
    Suddenly all the so called legal experts disappeared.

    It is a very valid question raised by Alok. Most of us proceed to buy a house on the promise of Bank Loan.

    Suddenly if the bank stop payment of loan amount at the middle or the worst, they stop disbursement at the middle and then ask to return back already disbursed amount.

    I am certain that bank's legal expert already crafted their terms and condition accordingly ... and we blindly signed all those.

    Anyway, signing a biased agreement does not mean anything as that can be challenged to any court at any point of time.

    Bank approved and disbursed a loan amount only after extensive due dilligence and both the parties technically agreed to share any future and unknown risk equally.

    What option a common man has in this kind of situation?

    Any expert want to share please?
    CommentQuote
  • Originally Posted by ondabhai
    Suddenly all the so called legal experts disappeared.

    It is a very valid question raised by Alok. Most of us proceed to buy a house on the promise of Bank Loan.

    Suddenly if the bank stop payment of loan amount at the middle or the worst, they stop disbursement at the middle and then ask to return back already disbursed amount.

    I am certain that bank's legal expert already crafted their terms and condition accordingly ... and we blindly signed all those.

    Anyway, signing a biased agreement does not mean anything as that can be challenged to any court at any point of time.

    Bank approved and disbursed a loan amount only after extensive due dilligence and both the parties technically agreed to share any future and unknown risk equally.

    What option a common man has in this kind of situation?

    Any expert want to share please?


    Bank offers loans based on individual salary and property and in case if he founds any issue in either of these he has right to hold disbursement. The same can not be challenged in court as well.
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  • who is talking about over-leveraging. or is it bad to even leverage. you claim to be a stock market expert, so you must know that it is necessary to leverage, if you want to make any kind of money in stock market. Bear stern doesn't mean anything as their leverage ratio was 34. I don't think anybody is even crossing a leverage ratio of 2 in taking housing loan.

    if you are going to claim that you are an expert in something, at least put out relevant examples.
    Originally Posted by rohit_warren
    Most of us proceed to buy a house on the promise of Bank Loan.

    agar paise nahi hai to fir makaan lene ke kyu soche bhai logo ?

    future earnings - ha ha ha ha - look at what happened to Bear Sterns and AIG by overleveraging themselves.

    jitni chaadar ho utna hai pair failana chahiye ;)

    rohit
    CommentQuote
  • Originally Posted by AryanKB
    Bank offers loans based on individual salary and property and in case if he founds any issue in either of these he has right to hold disbursement. The same can not be challenged in court as well.


    Rightly said, bank is himself doing a business and not doing any type of charity. In case any issue raised either from individual side or from property side then finally bank may also suffer.
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