mortgaged property
rahul kumar
(Querist) 02 May 2009
This query is : Resolved
I am trying to start a new industry. Where the trust CGTMSE (credit guarantee trust for micro and small enterprises) will provide guarantee for 75% of entire loan amount and rest 20 to 25 % we shall deposit in cash in term of margin money/owner’s contribution. So this way when there would be no issue of aspects such as collateral/security assurance in such case can I go to set my new industry over a leased/rented land which is already mortgaged with some other bank provided all the concerned account at first bank attached with this property are in order/standard position?
n.k.sarin
(Expert) 02 May 2009
Mr Rahul, you can go to set your new industries over a leased/rented land which is already mortgaged by some other bank but you are also bound by the terms and condition of the CGTMSE.The bank mortgage the property in the manner of equitable mortgage,in general language you can say in lieu of document of Title.owenership and possession remain with the owener if contrary is not agreed.one more thing which is importent to know that it is a settled law that mortgage remain always mortgage. Bank never become the owener of the mortgage property.Bank has the first right to recover his dues from the mortgage property.You may proceed in the light of above contention.
Y V Vishweshwar Rao
(Expert) 03 May 2009
There is Colleteral Security in Your Loan Account . The Premises in which you are proposing Your New Business , is already mortgaged to othr bank . In case the said other Bank wants to enforce the mortgage it has to take possesison under SARFASI ACt .
Y V Vishweshwar Rao
(Expert) 03 May 2009
You are lessee of the Mortgaged Proemises . To day the said Mortgage accoutn may be inorder , but may not be always in order,
it is bettet to take permission of the Said other bank/mortgagee for running Your Busiess in the Mortgaged Property , in such event the said other bank while enforcing their right of Mortgage , have to consider your lease hold Rights and said Bank can not distrub your Business .
Y V Vishweshwar Rao
(Expert) 03 May 2009
I adsvise you, before taking lease, to take permssion and consent of the said other Bank/mortgagee
n.k.sarin
(Expert) 03 May 2009
Mr. Rahul, question arise why the said bank will give you the permission and creat problem for himself without any interest? I think the said bank will never give permition to you.
