Legal Question in Business Law in India

mortgage of huf property

can karta of huf borrow the loan against property of huf in his name not for huf


Asked on 2/28/09, 1:43 am

4 Answers from Attorneys
Rohini Kumar Tenneti R.K.1080 LEGAL SERVICES

Re: mortgage of huf property

Taking loan against collateral security is one such aspect that any person,whatever his status may be,can avail of.Which means if X wants to take a loan from a banker he can deposit anybody's property with the consent of its legal owner and possessor.So with the consent of all the HUF members the Karta in his individual status can borrow the loan.

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Answered on 2/28/09, 3:45 am
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: mortgage of huf property

Yes, the Karta of HUF may raise a loan in his own loan against HUF property but ONLY if the loan money is required for either use of HUF or to meet other family needs which may separate than his personal needs.

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Answered on 2/28/09, 8:21 am
Pranav Desai PD Legal & Associates

Re: mortgage of huf property

Yes, collateral can be given only after consent from the coparceners.

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Answered on 3/01/09, 3:03 pm
Aniruddha Pawse Aniruddha.P.Pawse Advocates

Re: mortgage of huf property

yes but as a owner and not as a karta

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Answered on 3/12/09, 8:10 am


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