Ms Gomes (NA) 19 January 2010
I have an urgent query in order to help my parents, they have taken an educational loan for my brother and their house is mortgaged for the same, inorder to help them and remove the mortgage from the house can my husband offer to buy the house and take a housing loan from another financial institution on the same and remove the education mortgage by repaying the bank its dues
V. VASUDEVAN (LEGAL COUNSEL) 19 January 2010
Yes it is feasible. The bank will directly disburse the 1st instalment and get the morgage removed and subsequently release the 2nd instalment for registration and have their full mortgage.
rajkumar.vnm.marupeddi (advocate) 24 January 2010
Absolutely there is no difficulty. But, I learnt that there are some Government or RBI circulars that no security shall be taken to sanction educational loans. In such an event, legal technicalities will come in the way of obtaining Bank Loans by take over process for purchasing the said property
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