I stay in Dubai. I opened an offshore account with HDFC bank to get loan against SBLC issued by my bank (Indusind). Based on the team's confirmation, I agreed with my builders in Dubai the date of Oct 4th for my property purchase.
HDFC failed to give me the funds against what they confirmed to me. My credit process are complete covering the credit verification and legal binding. At the last stage of sanction, the case is held up since September end and the team is not providing me any clarity as to what is happening to my funds.
My commitment with my builder is breached and I am clueless of what is happening to my funds. Team is not responding and the rare events of their response, the only keyword I see is "under process". I have lost my initial booking amount of AED 100K along with the booking unit. Hope you understand the situation I am in right now. Currently, I am negotiating with the builders to provide another option but I am not able to commit a date of funds arrival to them since my FD is locked in SBLC and my loan against the SBLC is not getting disbursed. I am completely stuck due to the indefinite delay caused by the bank and the uncertainties around them.
Appreciate a quick resolution for the same Was this information helpful? | 
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