r2i forum

Hello All,
I am planning to buy a property in Hyderabad and they are asking for liquid cash instead of going for loan.So i want to mortgage my father's house which is worth of 70L. He is retired presently. Can we get loan on that property?If yes,then how much?Which is the best bank to approach?


Thanks in Advance,
Harini

harinisrini;426839Hello All,
I am planning to buy a property in Hyderabad and they are asking for liquid cash instead of going for loan.So i want to mortgage my father's house which is worth of 70L. He is retired presently. Can we get loan on that property?If yes,then how much?Which is the best bank to approach?
Thanks in Advance,
Harini

No, you cannot mortgage your dad's house. You have no title to it. You do not own it and you cannot mortgage what you do not own.

Your dad on the other hand if he so desires can seek a loan against his house and show the bank the wherewithal with which he will pay back the loan and if his payback plan, income, resources are sufficient and satisfactory to the bank, the bank may approve a loan in proportion to value of house and payback resources.

Your dad should contact a couple of banks regarding the loan and discuss with them to get a better handle on the situation.

Here is one link that will give you some idea - http://www.hdfc.com/services/loan_against_property.asp