Common use of Mode of Disbursement Clause in Contracts

Mode of Disbursement. a) Disbursement of the Loan may be made directly to the Borrower or to the builder/developer and in case of ready built Property to the vendor thereof and/or in such other manner as may be decided solely by the Lender. b) The Lender shall have the right to adjust PEMII or any other dues against undisbursed amount of the Loan. c) Disbursement shall be deemed to have been made to the Borrower on the date of the disbursement by way of cheque or pay order as the case may be or on the date of setting up of the Loan account limit. d) Interest on the Loan will begin to accrue in favour of the Lender as and from the date of disbursement of the Loan. e) The disbursal for the acquisition of the Property will be made after the Borrower's own contribution has been made for the same to the builder/developer/seller, and such proof is furnished to the Lender by the Borrower, as may be necessary or desired by the Lender. The disbursal towards construction/improvement of Property shall be made only after the Borrower commences the construction/improvement work on the Property, and such proof is furnished to the Lender by the Borrower, as may be necessary or desired by the Lender. The disbursal shall be in stages as per the progress of work as prescribed in terms of the internal guidelines / policy of the Lender, as applicable from time to time. The decision of the Lender in this regard shall be final, conclusive and binding on the Borrower. The Borrower shall acknowledge the receipt, in the form required by the Lender, of each amount so disbursed.

Mode of Disbursement. a) A. Disbursement of the Loan may be made directly to the Borrower or to the builder/developer and in case of ready built Property to the vendor thereof and/or in such other manner as may be decided solely by the Lender. b) B. The Lender shall have the right to adjust PEMII or any other dues against undisbursed amount of the Loan. c) C. Disbursement shall be deemed to have been made to the Borrower on the date of the disbursement by way of cheque or pay order or through RTGS as the case may be or on the date of setting up of the Loan account Account limit. d) D. Interest on the Loan will begin to accrue in favour of the Lender as and from the date of disbursement of the LoanEffective Date. e) E. The disbursal for the acquisition of the Property will be made after the Borrower's own contribution has been made for the same to the builder/builder/ developer/seller, and such proof is furnished to the Lender by the Borrower, as may be necessary or desired by the Lender. The disbursal towards construction/improvement of Property shall be made only after the Borrower commences the construction/improvement work on the Property, and such proof is furnished to the Lender by the Borrower, as may be necessary or desired by the Lender. The disbursal shall be in stages as per the progress of work as prescribed in terms of the internal guidelines / guidelines/policy of the Lender, as applicable from time to time. The decision of the Lender in this regard shall be final, conclusive and binding on the Borrower. The Borrower shall acknowledge the receipt, in the form required by the Lender, of each amount so disbursed. In all cases, disbursal shall be subject to creation of charge on the Property in favour of the Lender to the satisfaction of the Lender.

Mode of Disbursement. a) A. Disbursement of the Loan may be made directly to the Borrower or to the builder/developer and in case of ready built Property to the vendor thereof and/or in such other manner as may be decided solely by the Lender. b) B. The Lender shall have the right to adjust PEMII or any other dues against undisbursed amount of the Loan. c) C. Disbursement shall be deemed to have been made to the Borrower on the date of the disbursement by way of cheque or pay order or through RTGS as the case may be or on the date of setting up of the Loan account limitAccount. d) D. Interest on the Loan will begin to accrue in favour of the Lender as and from the date of disbursement of the LoanEffective Date. e) E. The disbursal for the acquisition of the Property will be made after the Borrower's own contribution has been made for the same to the builder/developer/seller, and such proof is furnished to the Lender by the Borrower, as may be necessary or desired by the Lender. The disbursal towards construction/improvement of Property shall be made only after the Borrower commences the construction/construction/ improvement work on the Property, and such proof is furnished to the Lender by the Borrower, as may be necessary or desired by the Lender. The disbursal shall be in stages as per the progress of work as prescribed in terms of the internal guidelines / policy of the Lender, as applicable from time to time. The decision of the Lender in this regard shall be final, conclusive and binding on the Borrower. The Borrower shall acknowledge the receipt, in the form required by the Lender, of each amount so disbursed. In all cases, disbursal shall be subject to creation of charge on the Property in favour of the Lender to the satisfaction of the Lender.