Can bank pay me for home loan amount


#1

Is it possible that bank issues a cheque in my name for home loan amount and I pay the builder?


#2

Usually the bank will issue a cheque in the name of the reseller, builder, society or the development authority as per the case. Only in rare cases where you have made an excess payment from your own account will the banks consider a request of handing over the cheque to you.


#3

Hi Sohini,
It is not possible to get the Home Loan disbursed in your name. Banks will issue cheques only in the name of the builder or the promoter from whom you are purchasing the property. However, if you take a home improvement loan, banks might issue a cheque in your name.
Cheers,
BB Expert