Legal Question in Banking Law in India
Education loan granted against mortgage of vacant land whether I can build house in the land with the help of promoter?
Asked on 2/19/11, 11:41 am
1 Answer from Attorneys
J. Radhakrishnan
independent Practice
There is no bar in constructing a house on the vacant land mortgaged for educational loan. The bank mortgagee will have the benefit of mortgage extended over the building as well. The promoter's stake will be subservient to the mortgage in favour of the Bank.
Answered on 2/19/11, 9:55 pm
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