How can take another loan for fixing the property after buying?

[Jasraj Singh]

I just wanted to know that If I buy a property after bank loaning me money and then if again i need money for fixing it will the bank lend me again? 

and if they would then how?

[Andrew B.]

It sounds like you want to get an additional loan with the property as collateral. That would be ideal if you have equity in the property, which exists if there is a difference between your loan balance and your property value. Example, property is worth $150k but your mortgage is $100k. The bank says you have $50k in equity and maybe gives you a loan for $35k. This would most likely be a Home Equity Loan or a Home Equity Line of Credit.

If you purchase the property with a high down payment, you will have more equity, however, if you know the property needs repairs you should just keep the cash and use a low down payment option. If you don't have much down payment you probably wont have much equity. In that case you would need to take out a personal loan, and would be subject to bank requirements.

Your other option, if you find a house that needs repairs, is to take out a 203k or Homestyle loan. This allows you to borrow the purchase funds and rehab funds at the same time.