Legal Question in Business Law in India

sir

with regard to HUF loan :

1. can a Bank Loan against property be given jointly to 2 HUFs, who jointly own a property.

2.Can Bank obtain the guarantee of a HUF for the loan sanctioned to another HUF


Asked on 2/21/17, 7:10 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

21.02.2017

Dear Sir / Madam,

1. Yes, the Bank can consider granting a loan to two HUF's who are the joint owners of the property;

2. Yes, the Bank can consider another third party HUF who is in no way related to any of the above two HUF's as the Guarantor of the above Bank Loan, Neither of the HUF (Karta and all members of the HUF) who have availed a Bank Loan hypothecating their joint ownership property for securing a Bank Loan, cannot remain as Guarantors for each other's loan repayment for the same jointly owned hypothecated property.

Regards,

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Answered on 2/21/17, 7:24 am


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