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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 in Loans by (170 points)

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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.
answered by (48.8k points)
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Need large amounts of cash?
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