Legal Question in Banking Law in India
Whether agriculture land can be given as collateral security for cc limit
5 Answers from Attorneys
27.02.2013
Dear Sir / Madam,
(Dr. Mukherjee Nagar, North West Delhi)
If the bank does not have any issues and the title of the land is clear, you can give the land as collateral security to the bank.
Regards,
FCA Prashant Chavan
Mumbai
(You can also mail me for any further on-line advice at [email protected])
Please check with your bank whether they will accept the property as collateral.
Feel free to contact for further assistance.
Kind Regards
Setu Niket
Advocate
Delhi High Court
+91-9873109672
It is up to the bank to accept or reject it. Normally banks won't take agricultural land as collateral security as it cannot be sold under the SARFAESI Act.
If it is for agricultural purposes.
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