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Can i apply for home loan + loan against property?

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I am planning to buy a new property of approx 40 lacs. As per my salary I am only eligible for 25 lacs home loan. My other house which is as around 35 lacs cost as per current market. So can i also opt for the loan against my current residential property? If yes , then how much it will be and will both be having same Interest rate?
asked Mar 6, 2011 in Loans by ayur (170 points)   1 3
    

 
 

 

2 Answers

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The interest will be different and it depends upon number of factors like loan amount, tenure, your age, ITR, etc. You can get exact details from your bank. But looking at your other questions, it seems you've not started proper financial planning. If you already own a home, don't go for another home, even for investments. You're planning to trap yourself in big debt for long term. Instead, use your current amount for investments for your child's education, marriage and for your own retirement. Invest some fix amount monthly via SIP way. After that, if some amount remains, think of loan at that moment.

Hope it will help you.
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answered Mar 9, 2011 by admin (47,360 points)   5 7 12
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Need large amounts of cash?
Have some property to your name?
Would like to leverage your property without giving it on rent or selling it?

HDFC Bank brings to you Loan Against Property (LAP). You can now take a loan against your residential or commercial property, to expand your business, plan a dream wedding, fund your child's education and much more.

You can depend on us to meet all your business requirements even to purchase a new shop or office for your business. Loan to purchase Commercial Property (LCP) is a specially designed product to help you expand your business without reducing the capital from your business.

    Features & Benefits
    Loans to expand your business or to meet any personal need
    Residential & Commercial properties accepted
    Maximum Loan to value*
    Flexible product offerings - EMI based loan / Overdraft facility available.
    High tenure loans for ease of repayment.
    Attractive interest rates.
    Specially designed products for Self Employed.
answered Jun 15, 2011 by anonymous  
edited Jun 20, 2011 by admin

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