Home Loan Disbursement NBFC not honoring commitment in the agreement
I availed a home loan of around 90 lacs under construction link plan from Bajaj Finance Home Loan. They took the file processing charges, legal fees etc and post due diligence sanctioned 90 lac loan in August 2018. Initially on the first demand from builder the NBFC released 20% of loan amount as demanded and I have been paying EMIs against this disbursement. Today Nov 2019 when the next demand letter for 10% of loan amount was raised by the builder on completion of 7th Floor, the said NBFC is not disbursing after multiple requests and discussions. Unofficially they are telling me that the builder is blacklisted due to some cheque payment issue with some other bank. On requesting an official communication with detailed reason for non disbursement, I got a simple mail that they will not be able to fund / release tranche of existing home loan due to change in their internal policy. In addition to that they are asking to shift this loan to other financial institution to get the remaining funding on the mortgaged property,
I really feel cheated and want to know where I stand legally and what are my legal options