sonia (admin asst ) 31 March 2010

purchase of apt

My husband has been granted a housing loan from HSBC for 58 lakhs, the valuation was 70Lakhs .He is sailing at the moment and will be getting off only in November .

My question is this - Since the loan was granted to us in March its valid for 3 months only - until May . Can we still avail of it in November when he gets off the ship ? It should not be a problem isnt it ? Will it still hold good then ? Will the bank grant us the loan in Nov instead of it now. I understand they cannot wait and maybe it will go in as a fresh application but we will get the loan isnt it ?? Its just that we are not able to take it now although the bank has granted it to us.

The person who is selling the place is agreed to wait until november , it will be for the same property. Will the bank fund it for the same , will the bank wait .........

Thanks

Priya

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2 Replies

Darshan Panchal (Advocate) 31 March 2010

hello sonia, what u can do is that 10 days before your loan expires, u may make an application to the bank stating that the there is a legal hurdle due to which documentation is likely to take some time, unabling you to utilize the sanctioned loan within the time limit. Hence, loan be regranted in the month of november.However, don't forget to procure sanction letter from the bank in the absence of which all formalities will have to be performed again. Obtaining sanction letter will save you from monotonous formalities with your sanction continuing to be in the force. Its just that you will be availing/utilizing the same in the month of november. Don't site reasons like sailing or other.