Bank loan

Madhur Singh (Querist) 12 January 2012 This query is : Resolved
Sir, I have a car loan, in which Rs. 2,35000 is now rest amount to pay. Can i get release my car by depositing next new security(Sale Deed of House) against said rest amount?

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Sailesh Kumar Shah (Expert) 12 January 2012
Please ask bank. Unfit query for this forum.

Devajyoti Barman (Expert) 12 January 2012
What is the reason for new security?
Car loan does not ask for security.

Rajeev Kumar (Expert) 12 January 2012
Car loan doesnot need security

R.Ramachandran (Expert) 12 January 2012
Dear Mr. Barman,
Probably the querist wants to dispose of the car while the loan amount is still outstanding. Since in the RC there will be endorsement that the Car is under hypothecation with the Bank, the buyer would insist on clear RC. Therefore, the querist would like to give new security against the loan, instead of the existing security of the Car.

The best way would be to take a fresh loan from the bank against the House Security. From out of the said loan amount settle the outstanding against the Car, and get the car released from the charge of the bank.

Raj Kumar Makkad (Expert) 12 January 2012
You cannot do so as desired rather can adopt some other means to raise money and get the car released as desired.

Advocate. Arunagiri (Expert) 12 January 2012
The banker will be happy to receive the house mortgage, for releasing the car loan.

Devajyoti Barman (Expert) 12 January 2012
Yes but it would be unwise to create charge upon a more valuable property for couple of lakhs.

Shonee Kapoor (Expert) 12 January 2012
Rightly stated, it is an unwise step.

Regards,

Shonee Kapoor
harassed.by.498a@gmail.com

Raj Kumar Makkad (Expert) 12 January 2012
It is the mercy of the banker to replace the mortgage or not. We cannot anticipate until this question is asked from banker itself.

Deepak Nair (Expert) 13 January 2012
Better to follow up with the bank.
If you want to dispose off the car, then the loan too can be transfered.
If not, then no need for a security.

Parthasarathi Loganathan (Expert) 13 January 2012
Yes. Substitution of security is allowed provided the value would cover the loan outstanding. It is also permitted.

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