Need some help for under construction property

[aks_ak47]

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I have booked a flat in rustomjee acura at thane and applied for loan from HDFC. HDFC guys are telling me that project has some papers pending for approval.
My query is if I pay 10% and later on builder ask for payments but the project is not approved by HDFC i would be in soup. Because i am committing my whole savings to flat.
I am wondering such a reputed builder has launched the project since last 5 months and still not got it approved from largest home lender in the country.
kindly advise me what to do

[whackpack]

dear aks_ak47

you are very right in having your apprehension. as for the builder not obtaining file approval from HDFC, pl note that there are so many players in the lending field, that it is not possible for any builder to obtain approval from all. all the same, obtaining approval from HDFC should have been a priority.

what i suggest is that you should ask the builder if they have their file sanctioned by any of the good lenders (SBI / BOB etc), in lieu of HDFC. if so, you may approach the particular FI. sometimes the builder may be interested that you put up your file through a particular agency only, and hence may have strategically organized things accordingly.

look at your options after speaking to the builder, and you will know the way to take...