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  #1  
7th October 2015, 11:43 PM
Unregistered
Guest
  
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Can I get Education Loan of Rs. 7.5 Lacs to study MBA on mortgaged property?


Hi,
I am 21 years old and interested in availing an education loan for MBA program. My property is already mortgaged. Can I avail education loan on that? My requirement is Rs. 7.5 Lacs.




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  #2  
10th October 2015, 09:04 AM
Sam James
Senior Member
  
Join Date: Aug 2011
Posts: 246
Thumbs up Re: Can I get Education Loan of Rs. 7.5 Lacs to study MBA on mortgaged property?

Quote:
Originally Posted by Unregistered View Post
Hi,
I am 21 years old and interested in availing an education loan for MBA program. My property is already mortgaged. Can I avail education loan on that? My requirement is Rs. 7.5 Lacs.
Sorry, mortgaging over an existing mortgage property is not possible. But you can still avail the loan based on a person guarantor. Loan policies will apply the same and you may start paying back one year or as soon as you get the job after your studies.
  #3  
10th October 2015, 11:10 PM
SudeepKumarSaha
Senior Member+++++
  
Join Date: Dec 2013
Location: India
Posts: 8,583
Default Re: Can I get Education Loan of Rs. 7.5 Lacs to study MBA on mortgaged property?

You cannot avail education loan or any loan on a property which is already mortgaged. You need to mortgage a property which is not already mortgaged. Since you are intending to opt for an education loan of 7.5 lakhs there is no requirement of any mortgage. You will need only third party guarantor to get your loan request sanctioned. For loan above 7.5 lakhs, mortgage of property is required. So you can relax as there will not be any requirement of mortgage and you can opt for the education loan to meet the expense of your MBA course.
Do you have any question? or have anything to say?



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