private loan after bank loan
naveenraj jain
(Querist) 24 September 2014
This query is : Resolved
Respected sirs
A property which is already given as security to bank has a Encumbrnce entry of another loan from private lender. When a bank has already given loan how can another lender make a loan entry. The recitals of the private lender deed has mentioned about the bank loan loan as well. My query is this property coming for sale now how can a buyer proceed with.
malipeddi jaggarao
(Expert) 24 September 2014
The private lender registered his second charge over the property. Both the loans are to be cleared before purchase of the property.
naveenraj jain
(Querist) 24 September 2014
Thanks for the Solution Sir
Advocate. Arunagiri
(Expert) 24 September 2014
Any number of attachments or mortgages can be made on the same property. They will claim rights in the order of date of registration.
You are advised to buy the property after clearing the loan.
Kumar Doab
(Expert) 24 September 2014
Fully agreed with experts.
The borrower has to pay both lenders, obtain No dues/NOC and remove the loan from encumbrance.................
Rajendra K Goyal
(Expert) 25 September 2014
Any no. of time the property can be mortgaged. The first mortgage would get first payment. However, if the lenders have agreed for pari-passu charge, each lender would get prorate from the proceeds if proceeds does not satisfy full lending / borrowings.
ajay sethi
(Expert) 25 September 2014
agree with experts
RAJU O.F.,
(Expert) 01 October 2014
Property sold by bank could be purchased subject to mortgage to another lender.
