#1  
15th April 2015, 08:01 PM
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Can I apply for Education Loan if my father has taken Business Loan against Hotel property?


Sir
My father is running a Hotel with his
business partner. I want to apply for Education
Loan for my MS course. But my father is taken
business loan against that property.
So, is there any chance for applying in Education Loan?





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  #2  
23rd May 2015, 03:04 PM
SudeepKumarSaha
Senior Member+++++
 
Join Date: Dec 2013
Location: India
Posts: 8,583
Default Re: Can I apply for Education Loan if my father has taken Business Loan against Hotel property?

Yes, you can still get education loan even though your father has already taken a loan. However, since the loan has been taken against the hotel, so your education loan if more than 7.5 lakhs cannot be taken against the same hotel. You will need some other property if you want loan above 7.5 lakhs otherwise you just need a third party guarantor to get the loan sanctioned. Your father has to submit papers of loan already taken to the bank while being co-borrower of your loan and getting your education loan sanctioned.




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