I have a query
Cost of under construction property 50,00,000
Down payment by me (15% of total cost)
SBI MAX GAIN loan sanctioned (80% of total cost)
Disbursed so far (75% of total cost).
To be disbursed by bank to the
builder, balance of the sanctioned
amount,on receipt of completion
certificate (5% of total cost)
At time of possession (by me) (5% of total cost)
The project completion is atleast 3 years away and the builder will request for the disbursement of 5% at that time only.
I understand that under SBI MAXGAIN HL one can only park the surplus amount in the a/c but not withdraw till the last disbursement to the builder. Not been informed about this clause by the bank I deposited 2L surplus fund in MAXGAIN a/c and I cannot withdraw this unless the full disbursement is made.
Is it possible that I give an undertaking/affidavit to the bank that the balance of the disbursed amount will be paid directly to the builder by me and accordingly reduce the sanctioned amount.
Is there any other way out? Would appreciate your advise.