Mortagage of property

Nilesh Shah (Querist) 17 April 2009 This query is : Resolved
Last Query I had put...I m putting it again for more details
Thanx to Experts for giving me their opinion..

What are problems & remedies for Loan against mortgage of Private trust property under which school is running???
Please give reference of Any judgement or Act if possible....The property in state of Gujarat....

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sanjay singh thakur (Expert) 17 April 2009
Dear Nilesh

So far as bank loan against Pvt. Trus t Property is concerned it is to be remembered that bank normally takes action only when account is not properly maintained i.e. when it becomes NPA. Moreover bank can sell off the properties mortgage to it if the loan amount is not paid but before selling the same bank is supposed to send notice.
Regards.

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