Can I take two home loans together?

Who chooses more than one home loan?

Business owners

Various business owners purchase home/property for the purpose of investment by which they can increase their production and can be used for multipurpose as well. Since the business has not fixed income they can pay the loan amount before maturity too easily so for them it is not that risky.

Family

In a family, if more than 1 family member is earning enough to pay a loan amount then 1 borrower can choose to avail 2 loans at a time. Like son/daughter started to earn money as well and they want to invest money so they can choose for loan amount. If you want to have affordable interest rates on a loan then you can choose the home loan because they are helping the locality more.

Event organizers

If the profession or work is of organizing the events and you want to have multiple properties for arranging events then you can choose for a loan it will be like a monthly expense too for maintenance. Many people start this profession/work with the plan of having at least 2 properties so the income will remain high too for paying off debts.

Dealers

A dealer plans to provide houses on rent as well so for that in preparation he can start with the lons as well like if he bought an apartment and puts it on rent then he can pay debt with that amount too.

High-income people

If you are working at a higher post in an MNC or big company and have enough income to buy a multi-house then you can choose for a a loan too. Many of them work with the purpose of increasing their investment too so they can choose for a loan.

Multi income sources

If the borrower has multi income sources like other than his salary he is getting money from rents, side business, shop, etc. then he can plan to invest in purchasing a house. The most important thing for multi income sources is they are always enough to pay debts. Since a good number of earnings can be spent on other investments Whynot on big long-term investment.

Yes, you are purchasing 2 houses on the basis of a loan but make sure you are calculating the amount of the loan with the EMI calculator which is available on every lender’s website. You have to just fill in the required details and you will get the estimate for it.

Since there is always a demand for a loan there will be no issue for you while availing of them. The lenders know that there is a demand for a loan and increasing frequently so they have enough employees to provide you service. With a low-interest rate, you are getting a luxury loan what else a person can demand.

Author's Bio: Gaurav S. Khurana is the Founder and CEO of Dialabank and has had a great career in the Banking and Financial Services Sector. He has an experience of 18 years in the sector and has worked at Senior Roles including National Sales Head at ING Investment Management India and as the Vice President Citibank. A post-graduate from IMT, Ghaziabad. Gaurav started his career as a Named Account Manager in Xerox.

Being a part of this field for a long time now, he has written many informative articles and blogs benefiting and assisting many in making decisions regarding the policies provided by various banks and non-banking financial companies such as the Canara Bank Home loan policy.

Gaurav S. Khurana is the Founder and CEO of Dialabank and has had a great career in the Banking and Financial Services Sector. He has an experience of 18 years in the sector and has worked at Senior Roles.