HDFC Home loan disbursement procedure.

[saver-user]

Hii guys, i am sorry if this is a duplicate thread.

My concern is with the guys who have taken Home loan.
How does the disbursement really work? bank says immediately after my insurance and loan agreement signature 10% will be disbursed then rest will be as per request. I dont really trust bank agents. So my question is what does this as per request mean. For example can i request 35 percent of my loan amount at once? bcoz ground floor requires the most material.

Also Most importantly how and when is the disbursement done?? like there must be some procedure right? like first disbursement will be after digging and demolition etc??.. also how fast i have opened a hdfc account just for this.

 

[surajib2019]

I have taken a loan from ICICI Bank for an under-construction property, with loan disbursements made in tranches. As each construction stage is completed, the builder submits a demand to me, and I request the bank to process the payment.

 

[prankster]

Builder will send demand letter as per the stage of completion. For example, plinth(foundation) is the biggest disbursement. In my case, the builder also sends architect's letter stating the completion of the stage along with photos. I have to forward all of these docs to SBI, then they release the next disbursement.
I have heard that some banks directly work with builders where your consent is not taken before disbursement.

 

[Sobirvs]

I have heard that some banks directly work with builders where your consent is not taken before disbursement.

isn't consent taken actually a good thing?

 

[prankster]

isn't consent taken actually a good thing?

Yes it is. The email to bank for the next disbursement has to from me. This way I'm in the loop and nothing happens without my consent.