can i get second mortgage loan on my property?

I have property worth of rs. 50,00,000- i already have a loan of rs. 10,00,000- i want second mortgage loan on this property. can any one suggest the lenders. I am at trichy, tamilnadu, india.
I am in India. Pls some loan firms in india – tamilnadu – trichy. Even pvt. money lenders

can i get second mortgage loan on my property?
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  1. Yes concept wise you can and you should get. However, in practice it is not being done oftenly but rarely.

    Better you request the present lender to lend you more money keeping in view the facts about your needs and value of proprty.

  2. There are three ways in which you can get this done.
    1. Since adequate margin exists, go back to your existing banker. If your account is clean, they may enhance the facility.
    2. Go to another bank, get an appraisal done and get a loan sanctioned for the amount required by you. Out of the proceeds, the second bank would remit to the first bank its dues and get a no due certificate along with all the documents ( title deeds ). Fresh mortgage for the full amount would be created in favour of the second bank.
    3. If the second bank is unable to give the full amount, but is agreeable for the excess amount required by you, take an NOC from the first bank and create a second mortgage favouring the second bank. The rights of the second banker will be only after first bank liabilities are cleared. Generally banks do not agree for such mortgages.

  3. it is possible provided the First Mortgage banker gives in writing to the proposed second Mortgage banker to guarantee the additional lien on property & protect the second Mortgage banker for holding and parting the original document for security.

    check up with the first mortgager and then search for second mortgager.

    There are several units financed by two banks and the arrangement is like the above.