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<title><h1>How do I get a loan against owned house to buy new property?</h1></title>
<p>Getting a <a href="https://www.aavas.in/loan-against-property">loan against an owned house</a> to buy a new property is known as a "home equity loan" or a "second mortgage." Here is the process of obtaining a loan against an owned house to buy a new property:</p>
<p><li><b>Assess your equity:</b> The first step is to determine how much equity you have in your current property. Equity is the difference between the market value of your property and the amount you still owe on your mortgage.</li></p>
<p><li><b>Choose a lender:</b> Once you have assessed your equity, you can choose a lender. You may choose to work with your current mortgage lender or shop around for a new lender.</li></p>
<p><li><b>Submit a loan application:</b> After choosing a lender, you will need to submit a loan application. You will need to provide information about your current mortgage, your income, and your assets.</li></p>
<p><li><b>Get pre-approved:</b> Once your loan application is received, the lender will review your financial situation and determine if you are pre-approved for a loan.</li></p>
<p><li><b>Close on the loan:</b> If you are pre-approved, the next step is to close on the loan. This involves signing a loan agreement and completing any necessary paperwork.</li></p>
<p><li><b>Use the funds to purchase the new property:</b> Once the loan has closed, you can use the funds to purchase the new property.</li></p>
<p>It is important to keep in mind that taking out a home equity loan will increase the amount of debt you owe and may impact your ability to borrow in the future. Before taking out a home equity loan, it is a good idea to carefully consider your financial situation and to talk to a financial advisor.</p>
