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veda vyas (Student)     26 May 2011

Is Registered Mortagage Compulsory

My fathers friend has taken first CC loan  for 3 lacs from state bank of india  , we put our property documents as guarantee , later cc was enhanced to  7 lakhs . Property was registered under equiatable at the intial sanction , and enchancement also . but not under registered mortagage?

Is registration under Registered mortagage compulsory  for CC loan  for legal standing of case ?

 

 



 4 Replies

prabhakar singh (advocate)     27 May 2011

When property has already been accepted as equitable mortgae no subsequent registraton is compulsory.

but does your father has been informed by bank and debtor that he agrees to remain guarantor even for

enhanced amount of loan ??

They are perhaps trying to bind your father for enhanced amount in a disguised manner.What safe guard your

father has from debtor to meet his default since your fathers' liability is joiny and several towards bank and bank

has right to proceed against both,debtor n guarantor or against any of them.

veda vyas (Student)     27 May 2011

for second enhancement , papers were signed at home by us  and send through register post to bank by the debtor , we made  signatures thinking that it is formal requirement ?

But we have not went to bank second time ?


(Guest)

 

 

Is registration under Registered mortagage compulsory  for CC loan  for legal standing of case ?

Yes.

veda vyas (Student)     27 May 2011

so we  are  applying for the withdrawl  as guarantor ?

Please tell me what steps i should take after sending my application for guarantee witdrawl ?


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