What are mortgage collateral documents?

Collateral documents include any documents granting a security interest in collateral by the borrower, parent or subsidiary in favor of the lender and all other documents required to be executed or delivered pursuant to those documents. Collateral documents do not include guaranties.

What are the documents required for collateral loan?

Address Proof (Ration card /Telephone Bill /Electricity Bill /Rental agreement /Passport copy /Bank Passbook or Statement /Driving License) Age proof (PAN Card /Passport /any other certificate from a statutory authority) Bank Statements (Bank statement /Bank Passbook for the last 6 months) OR Last 6 months salary slips.

What type of collateral is needed for education loan?

Collateral of suitable value is required for all education loans exceeding Rs. 7.5 Lakh. Tangible Assets – House, Apartment, Bungalow, Shop, Non-agricultural Land, Vehicle etc. Intangible Assets – Fixed Deposit, Life Insurance, Stocks etc.

Can a mortgaged property be used as collateral for education loan?

However, there is a common misconception among aspirants that they cannot pledge a housing loan property as collateral security for a secured education loan. But this is not the case. Such an asset can be pledged as collateral security for availing a secured overseas education loan.

What are the documents demanded by the banks for sanctioning education loan?

Documents required for Education Loan

• KYC documents.
• Bank Statement / Pass Book of last 6 months.
• Optional – Guarantor Form.
• Copy of admission letter of the Institute along with fees schedule.
• Mark sheets / passing certificates of S.S.C., H.S.C, Degree courses.

What is the purpose of collateral documentation?

Also known as security documents. The loan documents in a secured loan transaction which secure the borrower’s obligations to the lender under the loan agreement.

What are the collateral documents?

These include checking accounts, savings accounts, mortgages, debit cards, credit cards, and personal loans., he may use his car or the title of a piece of property as collateral.

Is collateral security required for education loan?

Collateral Required for Education Loan Guidelines show that loan taken up to Rs. 4 lakhs does not require collateral security. It is only when the loan exceeds a specified amount as set by the bank that collateral will be required as well as third-party guarantee.

Is education loan required for mortgage?

Generally, education loans are unsecured in nature.It means you do not have to pledge any asset as collateral. However, education loans with loan amount of Rs. 7.5 lakh or higher, may require collateral. Though there is no cap on the disbursed loan amount, the loan amount can range anywhere between Rs 20-50 lakhs.

Can I mortgage my house for education loan?

Yes, you can use the loan against property for higher education. This loan is offered to students who are going for higher education in India or overseas.