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Hi All

I have a loan from IDBI Bank. Planning to start construction. Approval is for G Floor parking, First and Second Floor Independent houses. But planning to construct G Floor as 2 BHK (Since Parents are aged want to use G Floor) and First Floor as Ind 2 BHK. (Based on the bye laws, 2 kitchen means 2 parking is required in G Floor)

Based on your previous experience (preferrably IDBI) kindly inform the following

1) Will Bank Engineer verify the construction based on the approved plan?

2) If there are violations will bank engineer will advise to stop further disbursements? Mainly want to know how to tackle this situation.

Thanks in advance

Regards
Anup.

Hi Anup,

Recently i was in a similar situation with SBI's evaluator,the only difference i can make out is that it was a fresh application for a housing loan and the deviations were internal to the house.
There are certain banks which insist on physical evaluation during subsequent loan disbursments and there are certain others who just insist on having a printed photograph.
You could get this clarified from the bank as to how the evaluation and disbursements works out and whether there will be a physical verification after the first disbursement.

Thanks

I had taken a loan from SBI bank, and they never bothered to come and visit the compound of my house. They used to click pictures from about 50 feet and walk away in a minute.

procedurally, Banks will disburse the Loan instalment based on the progress report given by the evaluating engineer who is supposed to
physically visit the spot at each stage and submit his report. Based on the Person, your loan prospect is depending.