Loan on PROPERTY + FD.........XPERTz PLz

[gaggy]

I want education loan of about 8.5 lac..........but the punjab and sind bank says they give only 7.5lac.........as they said they will give me 8.5 lac loan if i open FD about 1.5lac then they will issue me loan about 8.5 lac.........but here is one thing they said that they will give me 2 loan letter as 7.5lac loan on property and 1 lac loan on FD.............so tell me plz will it work...............



Also can i take 8.5 lac loan on FD only.......does it matter that the loan has to be only on property not on FD

 

[Kaushik Roy]

I am assuming u want to go for a 1 yr course.

I think i heard or read somewhere that u have to submit just ONE loan sanction letter and that too should best be EDUCATIONAL loan.

The bank I feel is talking about a demand loan on FD. My recommendation is do not take it.

if u can make an FD of 9 lakhs or something and get a loan of 8.5 lacs that will work too, as long as its an EDUCATIONAL loan.

Alternatively u can get an 8.5 lacs sanctioned amount by keeping property as collateral, or if the bank allows, a combination of FD and property.

 

[gaggy]

I'm going for 2 year computer system technician diploam at MOHAWK college

 

[Kaushik Roy]

Congrats on the admission. what i wrote applies to this situation too.

did u check out some other banks? Please read and understand all the rules of the bank , and how they could effect ur application.