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You dont have to give any security at the initial stage except Original Sale agreement, Construction Agreement, Tripartite Agreement (If required) & Margin money paid receipt. After registration you have to submit original sale deed to the bank until close the loan.
Answered on August 21, 2011 by Mahesh Kumar |
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Typically the down payment is taken as a security for the housing loan against potential default. The rest of the liability is taken by the bank.
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Usually, it is the home itself and a personal guarantee. You may also need a co-applicant and the co-applicant’s personal guarantee.
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The home which your buying will be kept or mortgaged by the bank till you repay the loan
Answered on May 3, 2011 by R Vijayanandhan |
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Basically the banks hypothicate the property in the case of home loan and take the original papers of the property.
Answered on May 3, 2011 by Prabhakar Tripathi |
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In most cases, the property to be purchased itself becomes the security and is mortgaged to the lending institution till the entire loan is repaid. Some institutions may ask for additional security such as life insurance policies, FD receipts and share or savings certificates.
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A first mortgage of the property to be financed. The title should be clear marketable. Some HFCs may also require collateral security like the assignment of life insurance policies, pledge of shares, NSCs, units or mutual funds, bank deposits or other investments.
Answered on May 3, 2011 by Rupesh Sahal |
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