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virabamji · Joined: 16 Jul 2007 Posts: 1 1.35 Dollars($)

Wanted to find out that I am interested in taking a home loan - however, mortgage of property will be an issue, as I am planning to take a house in a Parsi Colony - where houses are trust owned and mortgage of property cannot be done.

Is there a way out - pl advise.

Guest

I don't think there's any other option except buying the trust property with simple cash. But there are trusts which do require a mortgage bond. The bank offering the mortgage bond will require that a person stand as a guarantor for the loan on behalf of the trust. But let me ask you, where is the property located?

Guest

I think u haven't got it right - Wanted to purchase a flat in a Parsi Colony these are owned by Parsi Trusts / Panchayets - So if i want to buy a house there i cannot offer mortgage of the property - to buy it with simple cash i do not have the required funds so want to take a home loan instead. Can any bank offer home loan without mortgage is my question.

Guest

The property is located at Tardeo area

adonis · Posted: Mon Jul 16, 2007 9:05 pm Post subject:

No Vira, the home loan is usually offered against your home which is kept as the security for the loan payment. So, you cannot buy a trust property with a home loan without keeping your home as the security.

heavenhack7 · Joined: 05 Apr 2007 Posts: 76 1.14 Dollars($)

oh i think u r the first indian to whom i m answering .
your quesion has 2 be understood well.
see whenever you buy a house on loan and apply for loan you hve to answer mortgege let it be any bank icici uti hdfc it doesnt matter.

have any more queries please ask here we would surely help

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Trust owned houses in Parsi Colonies