Hey CA Clubbers,
I am Shankar from Chennai city. I need help by your guidance for availing a loan from Indian Nationalized Bank.
The requirement is that we are residing in an apartment which is in my grandfathers name. My granfather is 87 years of age. In year 2007 I placed this flat as collatral security in a nationalized bank and availed educational loan which is amount to Rs.17 Lakhs with principle & interest as on today (29.03.2013).
Now I got admission to pursue my MSc at UK for which I require Rs.20 Lakhs (This includes Tution fees, etc...,) Now my doubt is that:
1) Can I mortgage the flat which is already in Educational Loan and avail term loan ?
2) If so, Is it possible ?
3) Will bank accept this sought of mortgage ?
4) Is there any way to avail this money for my MSc ?
5) I am having this property only.
Please guide me.
CAclubindia
