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.

Thank you

Anil