Common use of Condition for Disbursement Clause in Contracts

Condition for Disbursement. a. The loan shall be disbursed subject to satisfactory legal, financial and technical scrutiny and submission of relevant documents/agreements/declarations/affidavits along with post-dated cheques / ECS mandate/ NACH in favour of SPHM and such security documents as may be required by SPHM. b. Pre EMI interest, if any will be deducted from the amount of 1st Tranche disbursement. c. Submission of approved plan / NOC/ construction approval from Panchayat/ competent authorities. d. Fulfilment of conditions specified in Sanction Letter. e. The loan shall be disbursed in one lump sum or in suitable tranches to be decided by SPHM depending upon the progress of construction of the property. All payments shall be made by an online fund transfer facility to the account of the Borrower or with his/her authorization in favour of vendor / developer.

Condition for Disbursement. a. The loan shall be disbursed subject to satisfactory legal, financial and technical scrutiny and submission of relevant documents/agreements/declarations/affidavits along with post-dated cheques / ECS mandate/ NACH in favour of SPHM and such security documents as may be required by SPHM. b. Pre EMI interest, if any will be deducted from the amount of 1st Tranche disbursement. c. Submission of approved plan / NOC/ construction approval from Panchayat/ competent authorities. d. Fulfilment of conditions specified in Sanction Letter. e. The loan shall be disbursed in one lump sum or in suitable tranches to be decided by SPHM depending upon the progress of construction of the property. All payments shall be made by an online fund transfer facility to facilityto the account of the Borrower or with his/her authorization in favour of vendor / developer.