han (ceo) 10 January 2011
hi i just wanted to knw im planin to start a small devlopment center from home and i want to take a loan on property for 2cr to start my operations.my unlce wants to put his house for property againts loan as my house is only valued at 30lacs and his house is valued at 5cr now can i take a loan on my name and put my uncle house as a collateral ??? is this possible or will the bank object??? im 45 yeras old and my uncle is 89 years old.
adv. rajeev ( rajoo ) (practicing advocate) 10 January 2011
Bank asks for the security and also for collateral security. You have to pledge the property then you will have to offer collateral secuity to the loan. ONly on the basis of the collateral security bank ma;y not give you loan.
Michael Kushner (Manager) 10 January 2011
I agree with Adv. Rajeev.
SACHIN AGARWAL (ADVOCATE) 21 January 2011
I agree with Mr. Rajeev but in case of Loan against property, it is possible.
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