About mortgage

Shyam Ji Srivastava (Querist) 23 December 2010 This query is : Resolved
Dear Brothers,
1-Whether agricultural land can be mortgage for non agricultural purposes IN A NATIONALSED BANK.
2-Whether in the event of future enhancement in the same a/c, any additional documents to extend the security coverage of the said registered mortgage for the enhanced loan?
(The question is related from U.P.)

SHYAM jI sRIVASTAVA

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s.subramanian (Expert) 24 December 2010
1. Yes. There is no bar.

2. Yes.

malipeddi jaggarao (Expert) 24 December 2010
1. Banks normally do not accept offer of mortgage of agricultural land for securing debt for non-agricultural purposes.

2. Yes, if it is legal mortgage, the deed with additional facilities are to be got registered again. If it is equitable mortgage additional oral assent for extending the existing mortgage covering the addtional facilities will be recorded in the Bank. Stamp Duty for such documents differs from State to State.

Shyam Ji Srivastava (Querist) 24 December 2010
Dear Sir

THANK U ALL.

With Regards

Shyam Ji Srivastava
Advocate

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