SBI Home Loan Query – If downpayment made through others account

POSTED BY Rajesh S ON September 5, 2012 1:40 pm COMMENTS (6)


I have applied for SBI MaxGain Home loan and it is sanction. But in one thing i made mistake. While making the downpayment to the builder, i used the cheque from my freinds account and later i returned the borrowed money through NEFT. I told this scenario to the Bank customer relationship manager before proceeding to start the actual loan processing and he said they will require bank statement of the my freinds account and PAN no and a declaration note stating the money that was paid to builder was barrowed some time back and returning in the form of cheque for downpayment on my behalf.

As you guys are more aware of the in n out of the loan. Could you please tell me how to deal with this situation, i am not looking for any other bank loan option.


Rajesh Sarode

6 replies on this article “SBI Home Loan Query – If downpayment made through others account”

  1. sandeep says:

    Dear friends,

    I purchase a flat in new mumbai with a loan amount of Rs. 30 L and my EMI is 40T . I am looking for fast close out of loan. So please suggest what should i do in case i have the money of few la

  2. Rajesh S says:


    Thanks for reply. I hope everything would be fine.


  3. Biswa Singh says:

    I have also my applied SBI max gain and got the approval. In my case they asked me the original receits of the down payments from the builder. But i am not sure if they check your bank statments (last 3 months that we submit) for the same.

    Can you please let me know what was the reason behind informing the bank that the down payment was made using fried’s check?

    1. Rajesh S says:

      @Biswa Singh :- Thanks for reply.

      I am not sure whether they will validate the payment against the bank statement. But to be at safer side, i informed them in advance to avoid upcoming conflicts and for transperent execution. In your case, have you got your loan sanction or got approval to disburse the loan amount?

      1. Dear Rajesh, feel easy. it does not matter from which account (or should I say from whose account) you are paying the DP to the builder. For the given case, the cheque debit entry of friend’s bank account as well as PAN ‘ll do the job to you.



      2. Biswa Singh says:

        I got the disbursement. Actually they did not even bother to ask me all the questions. They only needed the recites and didn’t ask me how the down payment was made. If somebody makes the down payment cash then what he needs to do?

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