I have availed an AXIS Home Loan for Plot/Construction category by 2013. Due to personal financial reasons, I am unable to commence the construction as per the stipulated timelines[18 Months from Plot purchase]. I have received a notice from the bank seeking clarification on the commencement delay. I would like to know the following ones,
- Is there an provision to extend the timelines say for another 6 months to commence the construction?
- If bank does not accept the delay, what type of actions can be taken?
- In case of prepayment or foreclosure, will bank accept the prepayment or foreclosure before the commencement of construction.
Thanks in advance for your reply.