2nd property in mumbai

You may refer the circular issued by the Reserve Bank of India on 1st July 2013.

Master Circular – Housing Finance RBI/2013-14/67

DBOD. No.DIR.BC.17/08.12.001/2013-14

Ashadha 10, 1935, (Saka)

All Scheduled Commercial Banks (excluding RRBs)

1.1.2 Housing Finance Allocation Keeping in view the objectives of National Housing Finance Policy, RBI was announcing minimum housing finance allocation annually on the basis of the growth of deposits recorded during the previous year till the year 2002-03. Banks could deploy their funds under the housing finance allocation in any of the three categories, i.e. direct finance, indirect finance, investment in bonds of NHB/HUDCO, or combination thereof.

2. DIRECT HOUSING FINANCE

2.1 Direct Housing Finance refers to the finance provided to individuals or groups of individuals including co-operative societies.

2.2 Banks are free to evolve their own guidelines with the approval of their Boards on aspects such as security, margin, age of dwelling units, repayment schedule, etc.

2.3 Other Guidelines: The following types of bank finance may be included under Direct Housing Finance: Bank finance extended to a person who already owns a house in town/village where he resides, for buying/ constructing a second house in the same or other town/ village for the purpose of self occupation. 

you need to check with other banks with regards to their own guidelines for financing second house.

Regards,

Advocate Rohit Dalmia

9324538481

Mumbai