LIC Housing Finance ltd
Fund release amount is reduced

I have bought a flat in a SPR Buildtech project named "Imperial Estate" in faridabad in the Oct-08. for this i have taken a loan of rs 40 lakh and got a sanction of rs.40 lakh. we have done 3 payment to SPR for the flat put of which 1st one made by us and other 2 payments done by LICHFL. Now last month we got another payment request from SPR. Now when submitted the request to LICHFL for payment release they told us that our loan amount has been reduced to 34.2 lakh. we havn't got any correspondence regarding this from LICHFL.

For the same issue i have also contacted the LICHFL faridabad Area Manager Mr. Sood. They told us that LICHFL only release 75% of the project cost. and we sanctioned loan amount based on income but rlease loan based on cost (i.e. 75% of the project).

Now, more important this is not mentioned anywhere.

Because all of this we are in trouble and we need to surrender our flat and bear the loss.

Company: LIC Housing Finance ltd
Country: India

  <     >