Axis Bank - Site / Plot Loan feedback

[jayadas]

I need to get the property docs from axis bank and hand it over to IDBI. My docs have come to jayanagar. Need to go and collect it personally and hand it over to IDBI. I believe axis bank has misplaced khata doc and I may not get it. Need to see what can be done
To my knowledge, You can transfer land loan as well

[bhagatam]

Hi All,

I have received a letter from AXIS bank head office Mumbai stating that i have not produced proof for construction as you have signed an affidavit stating that i will start construction after one year availing plot loan or else mention the proposed date for construction by contacting the local branch.
When i went to the Jayanagar branch, the representative told if you are not starting construction immediately, then interest rate will be increased by 1%. when i was about to give in writing , she mentioned that i need to confirm for this from head office & told to wait for her call. Till date no call i have received from them.

Is there anybody who received the letter mentioned above ?

[kbaijuk]

Hi Bhagat,
I highly appreciate any update on the above? did they increase your interest rate? I too received a similar letter recently for my plot loan. I haven't contacted Bank yet. thought of checking in forum before proceeding further.

[mahesh_uls]

HI all

i too have received a letter from axis bank enquiring about construction update. Please let me know if they are increasing the interest rate if we are not commencing construction soon.

Hi Bhagatam, please provide us an update. thanking you.

Regards
mahe

[bhagatam]

Hi Mahesh & kbaijuk
I went to the bank with the letter received and informed them that i have not started construction and i can't start immediately construction.As most of salary is paid as EMI and once the this loan is completed and i will apply for one more loan for construction.Then i have given a letter in writing mentioning the proposed date for the start of construction.Till now i have not received any further letter on this regard.They did not increase the Interest rate.

Note: Post your update after you go to the bank on this regard

Regards
Bhagat

[nagarjunkatta]

Hi guys,

Even i have received a similar letter today. I would definitely update the post if i can go and get more info.

[mahesh_uls]

Hi Bhagatam

please let us know when did you get their letter and what date you mentioned for start of construction. what is the maximum time frame that they are accepting for starting construction.

Regard
mahesh