Change in the construction plan after sanctioning of home loan

[samkapoor77]

I applied for home loan with Axis Bank which is not yet disbursed. I appliedto construct a house on pre-owned land. Construction area was 2500 sq. ft. But after the loan has been sanctioned, we have decided to construct only 1,900 sq. ft. area. Construction will cost us Rs. 30 lakhs. I want Rs. 25 lakhs as sanctioned amount for same tenure to construct 1900 sq. ft. Will bank agree to do it?

[samkapoor77]

I will suggest you to contact loan serving branch of Axis Bank. Update them with the changes in your plan. Accordingly your bank will do the needful.

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