Axis Bank Home Loan — Refusal to disperse amount demanded by builder

Address:

Mumbai Suburban, Maharashtra

I have availed a home loan from axis bank Ref PHR[protected]. Axis bank agents are a bunch of fools who have no idea of the procedures and make the customer suffer . it took 3 months for my loan process due to no fault of mine. As a first time buyer I am dependent on the agent to guide me and all he did was put me through agony. Now, after all this process, loan disbursements are not being done as agreed. I have a legal agreement with the builder regarding payment due at various stages, as per slab done etc... and the same legal document was submitted to Axis bank and was gone over by their legal team before loan was sanctioned. Now, however, whenever the builder gives me demand letter for payment due which i forward to the bank, they disburse only small amounts stating that this is according to their 'technical evaluator'. This is putting me in default with the builder and placing enormous pressure on me. I would like to officially complain that if Axis bank had a policy that they will disburse loan amount based on their technical evaluation they should have mentioned so before loan agreement, as they were well and truly aware that the builder has put forth his payment schedule in the registered agreement and that is legally binding on me. Now, the builder is stating penalty clause and wants me to pay penalty. Who is responsible for this penalty?
Dr Fawaz Baig