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  #1  
20th April 2016, 11:42 AM
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Is it necessary to present House property to apply for an Education Loan of Rs. 3 Lacs?


Sir/Madam,
My daughter want to study at IBS, Nagpur. How I can get an Education Loan for her? When I reach Bank for Rs. 3 Lacs Loan amount, they asked me for House property. What can I do?




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  #2  
22nd April 2016, 11:52 AM
SudeepKumarSaha
Senior Member+++++
  
Join Date: Dec 2013
Location: India
Posts: 8,583
Default Re: Is it necessary to present House property to apply for an Education Loan of Rs. 3 Lacs?

No, there is no need of keeping any property as mortgage for education loan of 3 lakhs. Mortgage is required only for loan exceeding 7.5 lakhs. You might have misunderstood the bank's request. Although there is no mortgage, the bank will ask for the residential proof in the form of house property where you live in. You need to provide the house tax certificate to the bank as its proof. So, approach the bank and clarify this with the branch manager. If they are asking for mortgage, then approach another bank, discarding that bank.
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