Conditions for Disbursement of the Loan. Submission of all relevant documents as mentioned by BHFL in the Sanction Letter, Loan Agreement and other Loan Documents; • The following additional conditions will also have to be satisfied by the Customer: o Legal & Technical Assessment of the Property; o Clear, marketable and unencumbered title of the property offered as security; o If the loan is a Home Loan, proof of payment of the own contribution towards the purchase of the Property by the Borrower has to be submitted to BHFL; o The construction carried out over the Property/ies has been undertaken as per the approved plans and as per applicable laws/bye-laws/rules and regulations; o All required approvals (including, but without limitation, the approved plans and the statutory approvals) for the property have been obtained and submitted to BHFL.
Conditions for Disbursement of the Loan. FIHFC shall not disburse the home loan to the Borrower unless the conditions mentioned in the Home Loan sanction letter and Loan Agreements are complied with, to the satisfaction and sole discretion of FIHFC.The conditions are including but not limited to the following: -
a) Execution of loan agreement and such other ancillary documents
b) Submission of postdated cheques/ECS etc. towards repayment of installments
c) Creation of security in favour of FIHFC
d) Utilization of disbursement should be towards acquisition/construction of property or as per the end use specified
e) Non-disclosure of all facts might affect the lending decisions of FIHFC
f) Intimate FIHFC of any change in his/her employment/contact details.
g) Request for disbursement of the loan in writing (as per the manner prescribed by FIHFC). Such request shall be deemed to have been duly made when made by hand, mail or through website of FIHFC or such other form/manner as may be announced by FIHFC from time to time.
h) Ensure that Borrower has absolute, clear and marketable title to the property (security) and the said property is absolutely unencumbered and free from any liability whatsoever.
i) Ensure that no extra-ordinary or other circumstances have occurred which shall make it improbable forthe Borrower/s tofulfill their obligations underthe Loan Agreement for the present loan.
j) Ensure that no event of default has happened in terms of the Loan Agreement executed/to be executed by the borrower. The following conditions shall be applicable for all other loans (except Home Equity Loans, Non-Residential Premises Loan and Top up Loans) wherein The Borrower shall:
(i) Pay the own contribution amount (total cost of flat less the loan amount), as specified in the sanction letter.
(ii) Regularly provide FIHFCinformation, including details regarding progress / delay inconstruction, any major damagetotheproperty, non-payment of taxes and statutory levies and charges,as may be applicable from time to time pertaining to property, etc.
(iii) Ensure that construction being undertaken is as per the approved plan and has satisfied himself / herself that all required approvals for the project have been obtained by the developer (by the seller in case of resale purchase of property)
(iv) Satisfy FIHFC on the utilization of the proceeds of any prior disbursements of the loan amount and provide adequate proof of the same.
Conditions for Disbursement of the Loan. Instalment of the Loan: The conditions for the disbursement of the Loan shall be mentioned under the Loan Documents in details however, some of the salient and major conditions are mentioned below:
a. Submission of all relevant documents as mentioned by the Lender in the Sanction Letter / Loan Documents;
b. Legal & Technical Assessment of the Property;
c. Payment of own contribution by the Borrower (total cost of the Property less the loan amount), as specified in the Sanction Letter;
d. Providing adequate utilization proof of the Loan;
e. Undertaking by the Borrower to regularly provide the Lender information, including details regarding progress / delay in construction, any major damage to the property, change in employment/ contact details, non-payment of taxes pertaining to property, etc.;
f. The construction is being undertaken as per the approved plans;
g. The Borrower has satisfied himself/herself that required approvals for the project have been obtained by the developer;
h. All required approvals for the property have been obtained and are available with the seller in case the property is being purchased in resale.
Conditions for Disbursement of the Loan. Submission of all relevant documents as mentioned by BHFL in the Sanction Letter, Loan Agreement and other Loan Documents; • The following additional conditions will also have to be satisfied by the Customer: o Legal & Technical Assessment of the Property; o Clear, marketable and unencumbered title of the property offered as security; o The construction carried out over the Property/ies has been undertaken as per the approved plans and as per applicable laws/bye-laws/rules and regulations; o Meeting all the relevant conditions as specified in Sanction Letter o All required approvals (including, but without limitation, the approved plans and the statutory approvals) for the property have been obtained and submitted to BHFL.
Conditions for Disbursement of the Loan. As per conditions precedent to disbursement of Loan specified in Loan Sanction Letter and Loan Agreement, Loan sanctioned would be disbursed subject to technical and legal scrutiny of the property and title documents. The proposed property for which the loan is required would be evaluated for its value and marketability and approvals etc. by the technical team. Plan approvals from competent authority are mandatory for housing loans. Similarly, the property documents would be scrutinized for its legal title and clear and marketable title. When the loan applied is for construction of a property or purchase of an apartment from a builder, the borrower needs to have completed the construction to the extent of his margin contribution or paid his margin to the builder before the disbursement. Further, loan will be disbursed in stages, based on the completion of construction.
Conditions for Disbursement of the Loan. The mode of disbursement of loan shall be disbursed either in lump sum or in suitable installments, which shall be decided by ICCL, subsequent to taking into consideration of the needs/ progress of construction/ nature of transaction being financed. All the disbursal payments by ICCL shall be made through the cheque duly crossed and marked account payee only. The loan facility may be reappraised on legal, technical, and financial terms before disbursal or during the continuity of the loan wherever needed and ICCL may hold, suspend, downsize, cancel or recall the loan facility, if any findings make it necessary to do so in the interest of the lender. ICCL shall not disburse any loan to the Borrower/s unless the conditions mentioned in the Sanction Letter and Loan Agreements are complied with, to the satisfaction and sole discretion of ICCL. Few of which are as given below: • The Borrower must fulfil the ICCL’s requirement of credit worthiness. • Execution of loan agreement and such other ancillary documents • Submission of ECS/ACH/ etc. any other clearing system in force for the time being towards repayment of instalments • Creation of security in favour of ICCL. • Utilisation of disbursement should be as per the end use specified • The Borrower must disclose every material fact/s which may affect the borrower’s loan proposal.
Conditions for Disbursement of the Loan. CGHFL shall not disburse any loan to the Borrower unless the conditions mentioned in the sanction letter and loan agreements are compiled with to the satisfaction and sole discretion of CGHFL few of which are as given below: -
i. The Borrower must fulfil the CGHFL’s requirement of credit worthiness;
ii. Execution of loan agreement and such other ancillary documents;
iii. Submission of cheques/ ECS/ NACH/ etc. any other clearing system in force for the time being towards repayment of
iv. instalments creation of security in favor of CGHFL;
v. Utilization of disbursement should be as per the end-use specified;
vi. The Borrowers must disclose every material fact which may affect the Borrower loan proposal.
Conditions for Disbursement of the Loan. Disbursements under the loan shall be made subject to fulfillment and compliances of all the conditions as mention in the Sanction letter and in the loan Agreement and all other standard documents and writings executed by the borrower(s) and as specified by the lender including the following. • Legal and Technical assessment of the property. • After the customer has complied with the requirement of creation of security interest in such manner as required by the lender.
Conditions for Disbursement of the Loan. As per terms and conditions mentioned in the Sanction Letter and the Loan Agreement.
Conditions for Disbursement of the Loan. Conditions to be fulfilled as indicated in the loan sanction letter accepted.
