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Are banks liable to take responsibility for stalled projects?- property hotline
Posted
September 2, 2016
Views
81
September 2, 2016
81
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2:23Now PlayingExpert: Kartik Jhaveri, Founder & Director at Transcend Consulting India Pvt Ltd.
Question: I want to take a home loan for an under-construction property. If the construction stops, are the banks liable to take any responsibility?
Answer: If it's a construction linked home loan then the bank would naturally not disburse any further amount to the builder. As the banks will sanction the loan on your name, ultimately the loan liability belongs to you. You would be left to fend for yourself, both in terms of EMI repayment as well as cost of your rent if the builder delays (or stops) the project.
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