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Saturday, July 09, 2011

SBI stops lending in Noida Extn & Greater Noida

There may be trouble finding a lender if you are scouting for a house in Noida Extention or even Greater Noida. Concerns over title of land are forcing banks such as SBI to hold back fresh sanctions.

A senior SBI executive told TOI that they were not providing any loans to projects in Noida Extension as maps for several projects were unavailable. Some SBI associate banks such as state bank of Travancore builders said, are, however, still providing loans.

The sales representative of a builder who had set up a stall for the second phase on an under-construction project said lenders such as HDFC, the country's largest mortgage player, had suspended sanctioning loans recently. "They are verifying the title deeds and doing their own investigation. They may resume lending soon," the sales executive said when asked about funding options.

An e-mail sent to an HDFC spokesperson in Mumbai late on Thursday afternoon remained unanswered.

An IDBI Bank executive said the bank was still providing loans and was using the Right To Information (RTI) Act to get details of title deeds. "That is the best way to find out the status. Wherever the Noida Authority or the Greater Noida Authority is telling us that the land is free of encumbrances, we are sanctioning loans," the executive in the bank's home loan department said.

Other lenders such ICICI Bank refused to comment saying they were studying the court verdict.

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