SARFEASI Act does not apply to agricultural land, does it mean that agricultural land cannot be mortgaged?
2 Answers from Attorneys
Agriculatural land can be mortgaged. But it cannot be sold privately by the Bank Mortgagee under SARFAEASI Act. It can have it sold through court/DRT proceedings in case of default, depending upon whether the outstanding is below or above Rs.10 Lakhs.
No, it doe not mean that agricultural land cannot be mortgaged.
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