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Are no Banks resonsible for ignoring incomplete approvals

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Are no Banks resonsible for ignoring incomplete approvals

Last updated: June 4 2014
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  • Are no Banks resonsible for ignoring incomplete approvals

    Dear experts;

    When we take housing loan from banks, they take some processing fees which they say include lawyers fees also for checking the legality & clearances of the projects.

    Seeing the recent NGT (national green tribunal) order against Noida projects, are not banks also responsible to clear the projects for funding without builder having the environmental clearance for the project? Are not banks at fault when they give us loan against a project which doesn't have all necessary clearances or land allotments.
  • #2

    #2

    Re : Are no Banks resonsible for ignoring incomplete approvals

    Banks are expected to do due diligence before approving loans to individual and giving master file number to projects.
    But as an individual you must do your own checks and not alone rely on bank for legal scrutiny.
    Bank protects its interest by taking property document with them under their custody,but eventual sufferer will be buyer if legal diligence is not done before buying.

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    • #3

      #3

      Re : Are no Banks resonsible for ignoring incomplete approvals

      they do insurance for that and took some risk also..Giving loan is also business for bank.

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      • #4

        #4

        Re : Are no Banks resonsible for ignoring incomplete approvals

        I posted 2-3 years back about the MILI BHAGAT of Banks...

        In Noida extension..No PSU Bank was giving loan before the farmer issue

        It was DISPUTED LAND.....

        Authority knew it....builder knew it....farmer knew it...banks knew it....

        Leave Builder out...as they are likely to cheat

        Leave farmer out...as why the hell he will go and educate buyer...they were giving dharnas but the Buyers paid no attention

        Now that leaves Authority and Banks.

        These were NO.1 FRAUD...and surprisingly the so called HIGH COURTS didn't even bother about this aspect.

        Loot macha dee in logn ne....mara bechara buyer

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