Plot + construction loan

[jitendra arya]

I purchase. A plot and applied a loan from bob and they granted a plot + construction loan construction timeline is 3 years
I want to know that if I paid the loan before 3 years and not doing any construction so is there any penalty

 

[Arpit_Sharma]

Bank firstly disburse plot amount only then amount disburse in house building stages like plinth level, brick work etc.for this an employee goes for a site visit ,verify the previous stage completion then next tranch is disbursement.for building the house generally 2years will be given.means no EMI for 2 years.this is the whole process.