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| Posted On :- 28/11/2007 | |
| Question Asked :- | |
| I purchased a house for Rs. 44 lakh and took a home loan of Rs. 35 lakh Kotak Bank. The first disbursement of Rs. 10 lakh was done & I have paid 5 Pre- EMIs to the bank. When I sent the request for 2nd disbursement, the Bank stopped the payment. I was told that, during technical evaluations, the Bank considered G+2 floors but the builder had permission only for G+1. Hence, the bank will reduce the loan amount by Rs. 5 lakh. To me it seems that to add a client, the bank offered me a loan of Rs. 35 lakh and is now reducing the loan amount. Had I known initially that I will get only Rs. 30 lakh for this property, I would not have gone ahead with it. Initially when I had approached ICICI Bank, they offered only Rs. 30 lakh stating that G+2 was not legal. My question is if ICICI Bank knew about it how come Kotak Bank did not know about it & why in the first place did they offer Rs. 35 lakh. Is it not the bank's duty to check all the details of the property before offering the loan? I cant a | |
| Answer :- | |
| Banks give loans only for authorised constructions and most bank agreement provide a clause wherein the bank reserves the right to change the loan amount sanctioned/disbursed. You can take a loan against security for Rs. 5 lakh. | |
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