My Brother in law decided to demolish the existing house completely and started rebuilding it from scratch - for which he availed a housing loan from PNB. Building is almost through. When the loan was availed from this bank, they asked him to register his property in the name of the bank for surety / as collateral. He therefore, had to go to the Sub Registrar office along with a vetted letter that bank had provided and transfer the property in the name of Bank. He was told once loan is cleared the same would have to be transferred back to his name. Could you clarify this ASAP please ?
My Take Home Salary is 75K pm; & I have taken a loan of 26L alongwith my brother whose monthly take home is 50K pm(EMI= 26K pm for 15 years). Am I eligible to take loan for another home? What is the process to do the same?
