Education and Career Forum

Sir,
I am a Commerce Graduate and presently working with ABN Amro as Manager(Collections) at New Delhi. I am planning to pursue MBA from Birmingham City University for which an Education Loan of Rs.18 Lacs is required. I am ready to offer co-borrowers and ready to produce Tangible Security of a residential property situated at Haridwar, total value more than Rs. 70 Lacs, which is mortgaged for a housing loan of Rs. 17 Lacs and belongs to aunt of my father and she is ready to become a guarantor also. Please let me know this property can be co-mortgaged by the HDFC for both the Loans i.e. for first Housing loan of Rs, 17 Lacs and second education loan which I am planning to take from HDFC Bank?

Yes, the property can be mortgaged for both the loans - Housing loan amounting to 17 lakhs and your education loan amounting to 18 lakhs provided the owner of this property is ready to mortgage it. There is no problem is getting the loan against this property since the property is amounting to 70 lakhs and you are taking loan of 35 lakhs, moreover, you are taking the loan from the same bank - HDFC. Hence, there is no need to worry and you can go ahead in making application for the loans.