Loan on mortgage of property

2710 views 4 replies

Hello friends,

X company wants to take a loan on mortgage of a property .

Property is registered in the name of the third party no where related to company.

Can Company takes loan on mortgage of a property related to third party?

Does Bank reject loan to comp on mortgage of third party's property?

Replies (4)

According to me bank should reject such kind of loan application where there is no connection established between the borrower and property in question.

obviously bank wil nt grant the loan to company unless d property to be mortgage vest in the name of company... Or the holder third party should gv in written to the bank that his/her property is mortgaged for company's loan.

Hello all,

Thanks for your replies.

another query.

Director holds a property.Company mortgaged that property and obtained a loan.

during that mortagage period ,can that property be transferred to company (Sale) by that director?

According to me director can transfer his property to the company subject to the terms and conditions of the loan agreement. Approval of bank should also be taken in this regard.

Further director will be considered in this transaction so he should disclose his interest in the board meeting, which approves such purchase, u/s 299. Also check the compliance of section 300 and 301 in this regard.

 

Tx


CCI Pro

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