Time Required for Property Verification if builder has not tied up with SBI for Home Loan

POSTED BY pnagdev ON April 21, 2014 2:22 pm COMMENTS (3)

Hi,

I am keen to take a Home Loan from State Bank of India  (Borivali,Mumbai) .

The Property which i am intersted in is nearby Kalyan (Titwala) – direct from Builder.

The Builder has tie up with other banks like LIC HFL, etc but not with State Bank of India.

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The Builder told me the following:

1. Booking will require 2 lakhs to deposit and you will be given 3 weeks for paying the rest of the money.

2. In 1st week you need to Approval of your Loan

3. In 2nd week you need to pay the difference amount (of margin money 20% )

4. In 3rd week you need to do the Registry.

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I am applying for Pre-Approval of Loan from SBI for checking the eligibility which they told is 7- 10 days time for personal and financial verification.

They (Bank) informed me that after Loan Pre- Approval if I need to apply for Property Verification then it will take around 3 weeks time provided I give them a List of Documents like 1. Builder NOC.    2. Booking Amount Receipt  3. blueprints of Project   etc.

If I book my property (Flat) first then the Loan will be approved within 3 weeks after property verification. I do not think the builder will give me so much time.

I am confused of how to proceed further. Please provide suggestion.

3 replies on this article “Time Required for Property Verification if builder has not tied up with SBI for Home Loan”

  1. diprajkuwar says:

    Hi

    I was trying to post new question, but the portal is in read mode.

    I couldn’t find the relevant answer to my question in existing discussions.

    So posting here as it is related with SBI and my question is

    “If a project is legally approved by SBI, can we assume that there wont be any legal ( approval / permission / land records ) issue and one can skip projects document, approval or permissino scrutiny from his/her end?”

    Thanks

    1. No , there is still no guarantee like that. Yes the chances are now less , because SBI must have seen all these. But I suggest to verify things from your side once. You wont be able to blame SBI on this later

  2. ashalanshu says:

    Dear Pnagdev, please do not purchase at all. Tell the builder that you w’d go with SBI only and it’s his choice to give the time frame as per SBI schedule or not.

    Thanks

    Ashal

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