Q:I booked an under-construction property and am going for SBI home loan. The total cost of property is 70L but I am going for 40L loan. So, I will be paying 30L, out of which I am paying 14L at agreement. I am wondering how my remaining contribution (16L) will be paid. Is it stage-wise as defined by builder in agreement? How much will the bank contribute and how much will I contribute in each stage (is it standard or negotiable)? If the builder claims that 80% work is done and bank feels only 50% is done, will bank pay 80% or 50%? If it does not pay, will I be liable to pay the remaining at that point of time because I am bound by the agreement?
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