Will Bank charge any penalty if I pay builder remaining money from my end itself ?

POSTED BY vikas_hp ON January 5, 2015 10:42 am COMMENTS (4)

Hi,

Recently I took home loan from SBI and got online access for MaxGain OD account. My flat is under construction and till now only 5 lacs is dispersed to build from 40 lacs. My question is, in future can I transfer the remaining amount (Rs 35 lacs) to builder my self or do I need to give request to SBI? if I can transfer then, will Bank charge any penalty for such transactions?

4 replies on this article “Will Bank charge any penalty if I pay builder remaining money from my end itself ?”

  1. vikas_hp says:

    Thanks for your responses. There is a little confusion to me, let me rephrase the same.
    As I mentioned I got the online access for my MaxGain OD account so want to know whether I can disperse the amount to builder from my MaxGain OD account my self (online transactions) instead of requesting to Bank.. Not sure if all your replies are for this if not then please update me for same..

  2. Hemanth says:

    you have to inform bank about this and proceed accordingly.

  3. nikhs12345 says:

    In case of HDFC there is no penalty. Please check with your bank to get the clear picture.

  4. You can do whatever you want with builder, its not related to what happens with you and bank . You can pay the builder and then settle the matter with bank itself . Bank will be the best one to comment on this as the rules cant be generalised !

    Manish

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