Legal Question in Education Law in India

Q: both my parents are govt teachers... we bought a flat recently worth rs. 35 lac by taking a loan.... now i wanna go for further studies for MBA which costs 16 lac... will any bank be ready to give loan in this situation? do i hav any benefits as a student.... pls tell me about student loan..... pls respond at the earlist

Ans: Dear Sir / Madam,

Parents have taken a housing loan based on their own personal credentials, earning capacity, tenure of service and other factors, that has nothing to do with your education pursuits. You can apply for a educational loan in your individual name with concessional rate of interest and with 5 year repayment period from a co-operative or scheduled bank in your locality.

Regards,

Fca Prashant Chavan

Expert Edge LLP

prashant.pscl07@gmail.com

Santosh Sadan Khar (w) Mumbai, 400052

does the loan taken by my parents doesnot effect mine? i will have to give a security... what about that? my home is already on a security to the loan taken by my parents?


Asked on 7/27/13, 12:12 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

27.07.2013

Dear Sir / Madam,

Yes, you will need to follow the rules specified by the bank. But which bank to select is purely your choice. You need not have your bank A/c in the same bank as your parents. It is as simple as that.

Regards,

Read more
Answered on 7/27/13, 12:25 am


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