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FAQ: Can I take a loan along with an existing one? - Property Hotline
Posted
May 20, 2016
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90
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May 20, 2016
90
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2:35Now PlayingHarshil Mehta : CEO DHFL
Q: My salary is Rs. 1.5 lakh/month. I am partially repaying a loan with an EMI of Rs. 30,000. My PF contribution is Rs. 50,000. I plan to take another home loan. How can I avail maximum loan? If required can I reduce my PF contribution?
Answer: You have an ongoing loan along with a monthly PF contribution. Under the present scenario, there are two aspects -- one is the current loan which is going and second how much is the balance period of that loan. Let’s assume it as under 12 months or 15 months as a max then yes you can go ahead and take another loan. Alternatively, the loan that you are talking about, weather its home loan or any other kind loan, then taking another home loan is an additional debt. Also, let’s understand one thing that PF contribution is a step towards a long-term saving. Thus, it is advisable to do a proper check and balances before going ahead and applying for another loan.
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