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Security for the loan is a first mortgage of the new property to be financed, normally by way of deposit of title deeds and/or such other collateral security as may be necessary. You would also have to give an irrevocable Power of Attorney authorising HDFC to sell your existing home. Moreover, both the proposed and existing homes would have to be insured against fire and other appropriate hazards. Interim security may be required, if the new property is under construction. |
Home Loans
