Another loan, is it possible?Second loan to buy second property depends on your income and repayment record and then the bank may give a loan
Apnaloan.com Research Bureau
10 Aug 2007
Can I get a second loan if I already have a loan?
You can get a loan for buying resale property though these could be some additional legal requirements.
You will need the chain of title of the existing owner. This means that if the existing owner has also brought the property on resale the documents relating to that sale and so onn till the first purchase will be needed in the original.
Another complication is that sometimes if any of the documents in the chain of title is not adequately stamped as regulated then the bank may not be willing to provide the loan for this purpose.
Also if the building is more than 10 years old, then some banks may have a problem with providing a loan for such property.
The valuation done by the technical experts of the bank may be lower than the price that you are actually paying for the property. You will be eligible for a lower loan amount as the bank caps the loan amount at around 85% of the valuation arrived at by its technical consultant. It maybe useful in this case to pay a small fee and get the flat valued before hand and approach banks at a later stage.
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