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HDFC home loan disbursment for Under Construction property

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HDFC home loan disbursment for Under Construction property

Last updated: February 27 2019
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  • HDFC home loan disbursment for Under Construction property

    Hi,

    I have received the attached payment schedule from a builder. I am planning to take HDFC home loan. Since it is 1 Cr+ property 75-25 ratio will be done as per RBI norms.

    The builder said that 10%+ Stamp duty will be needed for agreement, which I plan to give as own contribution.



    My question is will HDFC start disbursment from the 2nd line item i.e. 15% and allow me to pay my remaining own contribution anytime before 80% completion? The hdfc sales guy said that this is allowed, but want to get opinion from all of you.

    Also the first 2 line items of the payment schedule seem a bit confusing to me. If you can let me know whether you see a potential issue with this payment schedule, please let me know.

    Regards


  • #2

    #2

    Re : HDFC home loan disbursment for Under Construction property

    Banks disburse the loan amount against under construction properties on pro rata basis. Calculation of pro rata depends upon the loan amount you are taking and total cost of property. Suppose total cost of property is 1.25 Cr and I suppose you are availing max possible 75% loan amount i.e. 93.75 lacs. According to HDFC general guidelines, minimum contribution to be made by buyer before 1st disbursement is 15% or Foefeiture Clause amount of builder as mentioned in Builder Buyer Agreement, whichever is higher out of the two. But this 15% ratio is not fixed, it sometimes varies for builder to builder. But this amount cant be less than the Forfeiture clause amount as per HDFC std guidelines.

    Suppose you have paid 15% of 1.25 Cr = 18.75 lacs. As your and HDFC contribution towards the cost of property is in the ratio of 25:75. (Means 75/25 = 3 ) Then at any point of time HDFC cann't disburse more than 3 x 18.75 = 56.25 lacs.

    Means HDFC will keep on disbursing the installments of builder till its disbursement amount reaches 56.25 lacs. After this you will have to contribute some amount out of your balance 10% contribution. Suppose you pay only 5% at that time.i.e. 625000.

    Then HDFC can release further 3 x 625000= 1875000 towards next some installments of builder.

    And so on .....

    There is nothing to be confused by the first two lines of Payment Schedule of builder. It is almost std. Every builder does that.


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