HI,
I’ve availed SBI Maxgain home loan and have been getting the disbursement done partially as property is still under construction and my payment plan is construction linked. I’ve access to internet banking on my loan account and unable to transfer money to to other accounts. As i read in forum that i’ll not be allowed to withdraw money from loan account (but i can deposit) unless disbursement is fully done, i want to understand the reasoning behind this why bank doesn’t allow that?
I spoke to SBI people in the branch but they were even not aware if net banking is available for load account.
One of my known, is in same situation but he’s allowed to make transactions online even his loan is not fully disbursed, i think he’s mistakenly given these rights by unaware baker behind the counter :). Just want to understand, what kind of complications will be there future if he keeps on transacting even before getting the full loan amount disbursed?
Thanks
SS