Siddhartha Ghosh (Sr. Engineer) 14 March 2013
I am currently staying with my parents and about to apply for a Home loan for a flat that I am buying.
I want to know, if I put my present/permanent address as my parent's home where I am staying currently. Will that be count as Mortgage value in worst case ever? I don't want to be any liability to my parents, even in any worst case.
I am buying this flat independently based on my earnings and it should be my responsibility in any case till I am alive.
Please suggest.
Regards,
Siddhartha
Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 ) 14 March 2013
Loan against property or Property Loan, as it is often referred to, is a loan taken by pledging your existing property as a security. Loans against property can come in handy when other sources of funding get exhausted.
It is important to understand that a loan against property is different from a mortgage. While a mortgage is a bank loan taken to buy a property, a loan against property is a loan secured from the bank by putting up your existing property as a security against the loan.
Depending upon the existing market conditions, the paid up value of the property and other factors, the value of the loan against property can be anywhere between 40-60 % of the property value. Cash in on your smart investments of the past and build a safe future. Take a property loan today and use it for any kind of requirement.
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