Can i transfer amount from Maxgain to my savings account to buy furniture?

Hello Anil ,

I have taken HL of 32L from SBI Max Gain. I have around 4L remaining in the HL account. I am getting the possession of the flat in this week. After submitting possession letter to the bank, can i transfer 4L amount to my savings account ? So i can use it for furniture purposes. I dont have transaction rights to transfer money from HL account to Savings account right now, which i will get after submitting possession letter . Waiting for your reply . Thank you !

Hi Amit,
I don’t think you can use the HL sanctioned amount anyway to your savings account. Bank will never allow that unless it was sanctioned specifically for FURNITURE.
Bank will only pay this amount directly to the builder.

If you don’t use that amount to pay off builder demand, you can’t use that money.