Mortgage of agriculture land

santosh (Querist) 03 July 2010 This query is : Resolved
punjab national bank is not sanctioning education loan of my son saying that you can not mortgage your agriculture land as collateral for the purpose.

Please help and guide me.

With regards

santosh

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A V Vishal (Expert) 03 July 2010
Agricultural lands are accepted as Security only for loans granted for Agricultural activities as per Priority Sector Advances norms. In some States like karnataka, prohibit mortgage of agricultural land for any other purposes other than agricultural purposes.

Chanchal Nag Chowdhury (Expert) 03 July 2010
Granting loan is the discretion of the Bank & not a matter of your right. U have to find some other security which is acceptable to the Bank.

B K Raghavendra Rao (Expert) 03 July 2010
Agricultural land cannot be mortgaged for loans not related to agriculture.

pawan sharma (Expert) 09 July 2010
I do agree with Mr vishal

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