Common use of Utilisation of Loan Clause in Contracts

Utilisation of Loan. The Borrower shall utilise the entire Loan for the purchase/ construction of the property as indicated by him in his Loan application and for no other purpose whatsoever. The Borrower confirms that loan is not given by the Bank in respect of properties meant for residential use but which the Borrower intends to use for commercial purposes and declares so while applying for Loan.

Utilisation of Loan. The Borrower shall utilise the entire Loan loan for the purchase/ purchase/construction of the property House as indicated by him in his Loan loan application and for no other purpose whatsoever. The Borrower confirms that loan is not given by the Bank in respect of properties meant If, for residential use but which any reason, the Borrower intends is unable to use utilise the loan for commercial purposes and declares so while applying for Loanpurchase / construction of the house or the cost of purchase/construction is less than the loan amount the Borrower shall forthwith repay the amount of the loan, or the excess amount as the case may be, to the Bank.

Utilisation of Loan. The Borrower shall utilise the entire Loan for the purchase/ construction of the property as indicated by him in his Loan application and for no other purpose whatsoever. The Borrower confirms confirms that loan is not given by the Bank in respect of properties meant for residential use but which the Borrower intends to use for commercial purposes and declares so while applying for Loan.