Legal Question in Banking Law in India

whether agriculture land can be mortgaged in nationalized bank in orissa state?

Asked on 10/16/13, 7:50 am

2 Answers from Attorneys

Fca Prashant Chavan Expert Edge LLP
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16.10.2013

Dear Sir / Madam,

YES, banking rules provide and permit an agricultural land to be mortgaged for a loan in a nationalized bank in Orissa, or for that matter in all States of India.

Regards,

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10/16/13, 8:33 am
KarVai +91 9811284735 KarVai Legal Solutions(www.karvai.in)
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Agriculture land is state subject. there are some some state that prohibits mortgage over agriculture land.Banks never discourage Agriculture lands as security. Though the same is excluded from the purview of SARFAESI Act for possession by the lender in case of default, there is statutory obligation on the part of nationalized banks to accept them as Prime as Collateral security to comply by the Priority Sector norms fixed. No state can exclude Agricultural lands as security.

acc to banking rules of orissa you can get your land mortgaged in nationalized bank

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10/16/13, 9:01 am

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