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Dear Gurus, my sibling signed S&P for a property bought 3 yrs back but due to the project being hold and delayed and the loan earlier was discontinued, now the project is resuming and the developer asked to submit all the loan documents again to them. Is it possible for the developer to arrange for our loan application or shall we go through the bank direct instead? We are not quite confident with the developer and not sure about the procedure and fee, since this is a new property. The developer does not advice us the bank offering instead to deal with them directly for home loan. Need your advice on the financing matter, any charges that we need to separately pay if we seek bank directly for the home loan? Or shall we proceed with them directly..please advice..thank you.
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1 Answer

<en>K.Soma</en> <en>Sundram</en>
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If there was a three year delay then the developer has a problem. you need to know why the project delayed.Then you need to decide whether you want your siblings to continue. Sometimes its better to be careful for any future delays. I am not sure whether yours is a residential property if it is then check with ministry of housing as they will know the cause for the delay. If you still want to continue with the purchase go to the bank your self, do the due diligence and apply for the loan. However the developer owes you payment for delay on completion.i don't know the full situation, please call me for more info as i have project marketing experience for nearly 27 years. Read More
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