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INTERVIEW QUESTIONS
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Question: Hi I am planning to buy a second home. I see that bank lend only 80% and 20% I have to pay. Will bank accept my first home as mortgage for 20% and can I mortgage my second home for 80% loan?
Answer: Yes. That is one possible way. But in that case, most banks treat it as 2 separate loans. One as a usual home loan, providing 80% of the property value, and the second as Loan Against Property. If treated in this way, the interest rate for both loans will be different. Loan against properties usually come with higher interest rates than home loan.
If you can afford both loans, you can go ahead with his option.
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Mortgage Loan Interview Questions & Answers -
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Question:
Hi I am planning to buy a second home. I see that bank lend only 80% and 20% I have to pay. Will bank accept my first home as mortgage for 20% and can I mortgage my second home for 80% loan?
Answer:
Yes. That is one possible way. But in that case, most banks treat it as 2 separate loans. One as a usual home loan, providing 80% of the property value, and the second as Loan Against Property. If treated in this way, the interest rate for both loans will be different. Loan against properties usually come with higher interest rates than home loan.
If you can afford both loans, you can go ahead with his option. Source: CoolInterview.com
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