Collateral security with the bank

Sahil jaitly (Querist) 30 August 2016 This query is : Resolved
Hi This is sahil Jaitly .My question is can bank will consider the ancestral property whose possession is completely with us as a collateral security while giving the education loan or not? if not then how can i make free that property from all the other persons who are having share in that property in case they are not willing to negotiate ....and already settled in other places of india.

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Kumar Doab (Expert) 30 August 2016
Education Loan; Upto a limit secured assets may not be required.

Hope the share is clearly demarcated.

other Co-sharers may sell/release their share.

Lenders have their internal SOP for lending.

Check with lender.

Sahil jaitly (Querist) 30 August 2016
Can You please tell me what is the app. maximum limit in education loan (i.e without crating a charge on assets) of any
nationalised bank

Kumar Doab (Expert) 30 August 2016
Visit the bank of your choice or log on to the website, for details.

adv.bharat @ PUNE (Expert) 30 August 2016
Noting to be added.

Raj Kumar Makkad (Expert) 30 August 2016
This query exclusively relates with the bankers so better to raise it with them.

Sahil jaitly (Querist) 31 August 2016
Thanks Gentlemen

Rajendra K Goyal (Expert) 31 August 2016
Education loan up to 4 lacs does not require collateral.

Get the ancestral property partitioned through registered family settlement deed / partition deed and can mortgage your share, the same would be lengthy and expensive process.

All the shareholders of the property may mortgage it if Bank agree to it.

It is advisable to ask some relative to stand as guarantor and mortgage his property for which he should have clear title with him.

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