the bank has already mortgaged the property for a loan of Rs.55 Lacs and the loan limit is extended to 1cr. The borrower offered additional properties, whether bank can go for supplementary mortgage including additional properties.
Shanth Murthy 04 July 2018
the bank has already mortgaged the property for a loan of Rs.55 Lacs and the loan limit is extended to 1cr. The borrower offered additional properties, whether bank can go for supplementary mortgage including additional properties.
Raghav Arora 04 July 2018
Hi! Thanks for the question!
The bank may go for additional attachment of property to equal the loan amount after due scrutiny of the land and other records. The loan may not be passed of the amount of loan passed is more than the value of the property. That is the general policy of the bank.
Pradipta Nath (Advocate) 04 July 2018
Yes it can.
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