Booked a flat in Unitech (Unihomes1)
Forcing to avail bank loan in private banks

I have seen the Unitech’s website that they have completed big projects in Noida & Gurgaon. Also Unitech is very big brand in the infra development. I have selected double bedroom flat in Uni-Home1 project with Unitech. I paid Rs.2, 00.000/- Axis bank Cheque No 228291, dated 30th Sep 2010 and booked the flats.

At the time of booked Untech confirmed that the project approval for loan in SBI and corporation bank are in progress and will be completed in a month time. I had several discussions with Unitech and waiting for a long time to avail home loan at nationalized bank. The nationalized banks were not approved Unitech projects as of now for home loan due to certain norms and conditions of the nationalized are not satisfied by Unitech projects.

Finally I tried with LIC housing loan to process my home loan. Unitech said to LIC bank manager that the original documents of this Chennai property can be verified only at Gurgaon office which was not accepted by LIC.

As per the Construction & Undivided agreement which was provided by Unitech I need to inspect the Title and other documents and sign it if I am satisfied. But after several visit and discussion with Unitech it was not happened as of now.

Unitech says the entire document in CD format can be given only to bank subject to the loan is approved by the bank. Or I need to bring my advocate to Unitech office to see the Xerox copy of the documents. But my lawyer and banker want to see the originals. The original was not shown as of now. As a purchaser (myself) was not allowed to see any documents not even Xerox as of now.

As per my verification some of the norms are not feasible in Unitech to avail loans at nationalized banks.

1. In general if the property is at Chennai then the most of the buyers would be at Chennai or within Tamilnadu only. But our lawyers are allowed to verity the original document only at Gurgaon.

2. As per Unitech, the UDS will be registered after 80% of loan recovery. Again this is one of the bottleneck to avail home loan in nationalized bank.