Mortgage of a property
Rupendra Porwal
(Querist) 04 June 2015
This query is : Resolved
Dear Friends,
One of our client has availed loan of Rs. 2 Cr from the bank and extended securities to the bank.
Further client has acquired second assets for Rs. 2 cr. The new assets has been mortgaged agaisnt car loan of Rs. 40 lakh with SAME BANK WHERE FROM LOAN OF RS. 2 CR OBTAINED.
NOW QUERIES:
Can excess security of Rs. 1.60 be used for availing additional loan?
What documents shall be executed for availing additional loan facilities?
Any other suggestion.
Rupendra Porwal
Advocate
Lucknow-98385 97775
Anirudh
(Expert) 04 June 2015
Dear Mr. Porwal,
Don't you think that it would be advisable to get in touch with the Bank for these details instead of in this forum? (Assuming that we say something in your favour but the bank doesn't agree, what will you do?) Please appreciate, it is the prerogative of the lender whether to give further loan or not.
Rajendra K Goyal
(Expert) 05 June 2015
New / extra / extension of the loan totally depend on conduct of accounts, policy of the Bank, merit of loan requirement and so many other factors. Mere availability of collateral does not entitle for the loan.
Rupendra Porwal
(Querist) 06 June 2015
Dear Anirudh Ji and Goyal ji,
I agree with your views and thank both of you for very pragmatic advice.
malipeddi jaggarao
(Expert) 07 June 2015
I agree with both the experts. You should contact your banker for this purpose. If your accounts running satisfactorily excess collateral available (as per the bank if any) can be used as security for additional limits/loans.
