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Date : Jul 31, 2009

Question

Dear Sir, I am planning to purchase a site/land property that is expected to appreciate at a very good rate in future. Since seller is in need of money, he would like to close the deal as soon as possible. I was planning to take loan to purchase this propertly, but since the seller is in immediate need of money, I am thinking of borrowing the money from my friends/relatives and in parallel apply for loan against property(I have 1 flat and this land that I am going to purchase). If seller would have waited, I would have gone for site-loan (offered by ICICI) that has Rate of interest as 9.25%. But since, because of the sellers urgency, I will be buying and registering the land on my name, I can not opt for the site-lone facility of icici bank. So guess the only choice I left with is loan against the property. Kindly let me know if this is a good idea or if you have any other suggestions. Thank you in advance !

Answer

You can take a loan against your property to fund purchase of the new house based on your incone and the title and the value of the property to be mortgaged. Interest rates on property loans are comparatively higher as compared to home loans.

 

 

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