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  #1  
15th September 2017, 11:18 PM
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Chances to get education loan in security of house if already taken loan in security of it?


I have borrowed rupees 6 lakh as education loan @ 11.5% interest rate per year to study degree course. I was mortgages my house and the municipal value of it was in rupees 12 lakh in 23013. Now I have completed course. Please tell me can I get again education loan for MS in security of my house?




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  #2  
19th September 2017, 09:37 PM
ajayrocks007
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Join Date: Mar 2012
Location: New Delhi
Posts: 20,581
Default Re: Chances to get education loan in security of house if already taken loan in security of it?

First of all you need to pay the previous education loan, then only bank can think of giving you another education loan. As you have said, that you have already taken an education loan, hence, you need to clear it first.

Most of the banks will give you limited amount on a mortgage property according to the value. Even if they consider it for another mortgage, it will not be a reasonable amount for education loan because it is already mortgaged.
Do you have any question? or have anything to say?



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