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Conversion of site loan to housing loan at the time of construction of house on the same site.
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If the borrower approaches for housing loan for construction of house on the site for which he has availed site loan from us then a fresh composite loan shall be sanctioned with first disbursal towards clearance of outstanding liability of site loan, balance for construction. Total loan amount should not exceed the present o/s balance in the site loan account plus 80% of the proposed construction cost. However, no request for reversal of interest applied to site loan shall be permitted.
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