Loan against project will be sanctioned to builders/ contractors. Total cost of project will be considered. Disbursement will be stage wise and subject to confirmation from architect. The bank mortgage cluse will be incerted in the agreement with purchase. All payments should be received directly in the name of Udyam bank. The monitoring of the project will do by the bank. The sanction will be subject to available funds for this purpose as per Reserve Bank of India guidelines.
A regards the contractors since these loans do not fall CRE category can be sanctioned subject to undertaking from the party whose work is undertaken. Disbursement will be directly made to suppliers.