Bank asking to do mortgage for provided home loan – Is it good or not ?

POSTED BY suresh045 ON August 17, 2014 6:43 pm ONE COMMENT

Sir, I had taken a property in Vijayawada costing around 50 lacks including land and house construction cost. I had taken loan from Union Bank of India for 23 lacks. Remaining amount arranged by my personal fund.

After releasing 1st installment of 12.50 lacks for land registration they are asking me to do MORTGAGE for releasing balance amount for  house construction. Please advice me shall I go for Mortgage or not and how Mortgage will effect my EMI/Loan Pre C loser / Final Closer/Property transfer or Resale.

One reply on this article “Bank asking to do mortgage for provided home loan – Is it good or not ?”

  1. Credexpert says:

    Dear Sir,

    All loans for a house property will require you to mortgage the property. Your EMIs will remain the same. The original property papers will have to be submitted to the bank. Once you repay the loan, the same will be returned to you.

    Regards,
    Credexpert

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