Friday, July 08, 2011

SBI Stops Home loan in Greater Noida, Noida Extension

              There may be trouble finding a lender if you are scouting for a house in Noida Extension or even Greater Noida. Concerns over title of land are forcing banks such as State Bank of India (SBI) to hold back fresh sanctions.
              A senior SBI executive told that they were not providing any loans to projects in Noida Extension as maps for several projects were unavailable.
              In case of Greater Noida, the problem is different. The executive said some builders had lobbied with the Greater Noida Authority and got an extension for paying the amount they owed the government agency. “Now, you are staring at a situation where apartment owners would get possession in 2013 or 2014 on a plot of land for which the builder will get the rights in 2018 or 2020. If we have to enforce the security, we will face a problem. So, we stopped lending,” the executive said.