India  |  Banking Law

Legal Question

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

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

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Answered on: 10/16/13, 8:33 am by Fca Prashant Chavan

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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Answered on: 10/16/13, 9:01 am by Pallavi Nirmal+91 9971021305

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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