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Builders or developers with minimum 3 projects/1lac sqft experience can avail this facility
The general factors taken into account while determining the eligibility of project finance are listed below:
1. The promoters should have proven track record and have successfully completed minimum 3 projects
2.The developer or the builder should have the land ownership in their name or firms name.
It depends upon the project and varies from bank to bank
The value of the property would be determined through a valuation conducted by the bank
Yes , property has to be insured varies from bank to bank
It takes 45 working days from the day of completion of documents and it may vary from bank to bank
The loan will be repaid through the capitalization/prepayment stipulated. It also be repaid through the principal component of EMI whenever EMI starts (after the moratorium period)
The loan can be prepaid although there are prepayment penalties stipulated. It varies from bank to bank.