ashutosh (TEAM LEAD) 09 September 2014

Bank negligence for disbursement of loan amount

THIS IS REGARD TO MY LOAN ACCOUNT AGAINST MY PROPERTY FAITH ECO SPACE FOR WHICH I HAVE TAKEN LOAN. I CAME TO KNOW THAT THE BANK HAS NOT RELEASED THE DISBURSEMENT OF LOAN AS PER THE WORK PROGRESS. I HAVE TAKEN THE LOAN OF 20 LAKHS AND OUT OF 20 LAKHS 16 LAKHS HAS BEEN DISBURSED TO THE BUILDER WHICH IS 80% OF MY LOAN AMOUNT BUT THE SAD PART IS THAT THE CONSTRUCTION HAS NOT COMPLETED EVEN 60 %. AS PER THE PAYMENT SCHEDULE THEY HAVE RELEASED THE MONEY FOR COMMENCEMENT OF 4TH FLOOR SLAB IT MEANS TILL 3RD FLOOR THE BRICK WORK SHOULD BE FINISHED BUT IF YOU WILL SEE THE CONSTRUCTION EVEN FIRST FLOOR BRICK WORK HAS NOT BEEN FINISHED. EVEN IN EVERY SINGLE MAIL WHICH I WROTE TO BANK TO RELEASE THE AMOUNT I HAD CLEARLY MENTIONED THAT KINDLY CHECK THE WORK PROGRESS AND THEN RELEASE THE AMOUNT BUT IT DIDNOT HAPPEN . IT SHOWS THAT BANK IS LEAST BOTHERED TO VERIFY THE WORK PROGRESS BUT AS PER RULE THEIR TECHNICAL TEAM SHOULD GO TO THE CONSTRUCTION SITE AND THEN RELEASE THE PAYMENT. KINDLY LOOK INTO THIS AND PLEASE HELP ME IF I CAN FILE A CASE AGAINST BANK ON THIS OR WHAT ACTION I SHOULD TAKE FROM MY SIDE

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Hardeep (Business) 09 September 2014

Technically slabs may be laid without brickwork being complete - that is normally done in multistory constructions where the load is not on the wall but on beams and columns. Brick walls are made after the beams and columns have been made and the roof cast.

So if 4th floor slab has been laid and the contract does not talk about brickworks etc. you may not have a case. Unless the contract with the bank clearly specified brickworks etc, and the onus was on them to check all these aspects per your contract with them and the builder. Although , as you have rightly observed, much remains to be done yet.

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