Legal Question in Banking Law in
Can we offer agricultural land as security for personal loan (mortgage of agricultural land in tamil nadu but not for agricultural purpose)
Asked on 9/14/10, 5:32 am
1 Answer from Attorneys
J. Radhakrishnan
independent Practice
you can offer agricultural land as security for personal loan. But banks may not be willing to take the same as security as they will not be able to sell it under SARFAESI Act. The choice is with the bank and not with the borrower
Answered on 9/14/10, 11:29 am
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