[Resolved]  Axis Bank — Sanctioned Home Loan not disbursed

Address:

Uttar Pradesh

Sanctioned Home Loan not disbursed, AXIS Bank told me new condition/clause after approval.

Dear Sir/Madam,

I am putting this complaint against AXIS Bank Home Loan dept.
I approached AXIS Bank for Home Loan. I purchased an apartment in Noida and made the initial downpayments. I applied for Home Loan in
AXIS Bank,
Sec 18 Noida
For loan.

My loan was sanctioned almost 4 weeks ago.

I have submitted all the Original Documents (Agreement paper of my House) along with security cheques in the bank docket.

But now AXIS Bank is saying that loan can only be disburse after starting the construction so they will disbuse and relase the amount against demand letter sent by builder.
I have already paid 20% of my part in initial two installment and now 3rd is due as per flexi payment plan.

Bank has already done TRI-PARTY Agreement with builder.

As per payment schedule, next payment will be due after ground floor casting that might take approx 7-8 months and till then approval of my loan will not be valid as it's valid for 90 days only.Also if I pay 3rd installment also then 40% will be already paid by me and only 60% would be further required which is lesser than approved amount and also ROI should be different.

But its been more than 7 weeks since my application with the bank for Loan...and nothing is happening, Nobody is bothered to look into it. I am being pressurized from the builder to pay the money, which they are supposed to get as per the agreement.

I am not able to approach other banks for loan as well as AXIS Bank has my documents already and charged the processing fees which they are not refunding back.

Please help me in getting the loan disbursed and suggest what could be done due to new condition/clause told by Bak about starting the construction which is nowhere mentioned in the agreemnt/approval letter from bank.