Bank financing related issue

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finance mantra (Querist)
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04 March 2012 one of my relative is having a big plot in residential area(coming only in Municipal corporation not in Lucknow devp. authority). he wants to build a residential building having 8 flats. he have taken all neccessary permission from neccessary authorities in this regard. now issue of finance arises. some bankers are saying that they will only finance the LDA approved maps/ layouts.(its their experience)

rbi has not issued any directive in this regard of building construction financing.

how to tackle with them plz give me some valuable inputs regarding this topic so to deal them effectively.

CA. Nitin Agrawal

CA. Nitin Agrawal (Expert)
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04 March 2012 Construction of building for residential purpose which consists of flats/series of independent row house comes under the commercial project & not under the residential house construction.

For construction of commercial project approval from the town & country planning of the state is required. I think the bank officers are concerned on this matter.

For more information your can tell me in detail about what & from whom approval taken so i can help you more in the matter. You can mail me at agrawalnitinca@gmail.com or talk over Ph at 9893791917.

I can inquire about the matter with the bank officials as i am in project finance.

Regards

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