POSTED BY March 1, 2014 9:15 am COMMENTS (3)ON
I applied for a Home Loan (for 15 lakhs, 10 years, property value 38 lakhs) from SBI recently. As per my agreement I have to pay 95% by registration and rest 5% during handover.
If I clear upto 95% of the property cost by registration (i.e. I clear 21.1 lakhs from my side, bank has to pay loan amount 15L) and submit the receipts to the bank, will the bank release full 15L to builder? Builder has given demand letter of 15L to bank citing that 95% project is completed.
Or do I need to clear full 23L of my amount by registration before bank releases its 15L? My concern is that in this case I will end up paying all the amount before handover.