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.
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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. 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.
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Samples: Most Important Terms And
