Dear Experts,
Please clarify below doubts if someone applies loan on underconstruction flat with SBI:
1. Can SBI Max Gain Home Loan possible on underconstruction flat.
2. How disbursement happens when a due date comes for this case. Does bank pay directly to builder or does bank pay to the customer who in turn pays to builder.
3. If amount request by builder on due date is 2L, can customer ask bank to pay for eg. 1L only and rest payed by customer himself.
4. If point 3 answer is yes, then during the time of possession the total amount disbursed will be less than that applied for. Will loan be downsized automatically or what will happen to remaining sanctioned amount. Also, does this have negative impact on CIBIL score?
5. Does prepayment impacts CIBIL score in negative way.
6. If someone sells an underconstruction flat before possesion for which loan is taken from SBI, is that possible? Also, what will happen to loan in that case as amount disbursed till that time will be less that amount applied for and full emi may not be started.
6. Per my knowledge one can not take interest paid rebate of home loan on underconstruction flat but can it be taken later after possession.
Thanks in advance.