I am looking to take a home loan for constructing a home in my own land. However, this land is already given as collateral for my business. Can the bank to whom I've mortagaged it for business, extend me a home loan for the home construction?
Kishan Karunakaran (MBA) (29 Points)
26 June 2014I am looking to take a home loan for constructing a home in my own land. However, this land is already given as collateral for my business. Can the bank to whom I've mortagaged it for business, extend me a home loan for the home construction?
vijay
(Accountant)
(884 Points)
Replied 26 June 2014
What is the loan amount you have already taken & want to take ??
Also what is the value of land which has been given as collateral security ??
Kishan Karunakaran
(MBA)
(29 Points)
Replied 26 June 2014
I am looking to take a home loan of about Rs.30 Lacs. Although the total facility of my business is Rs.200 Lacs, the collateral value considered by the bank towards the mortgaged land is Rs.25 Lacs. The market value of the land will not be less than Rs.50 Lacs. My preference will be to not have a very high home loan and so will like to restrict my home loan to Rs.30 Lacs, this is the reason why I am primarily looking at the same bank for the home loan.
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