No objection to avail loan

Querist : Anonymous (Querist) 17 May 2023 This query is : Resolved
My father wants to avail crop loan by mortgaging the property who's RTC is in my name. So, I need to give a No Objection. Does this fall under Affidavit category of e-stamping and the amount stamp duty to be paid. Please help

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Quick Summary

If your father wishes to take out a crop loan using property registered in your name as collateral, he cannot do so directly. You will need to provide a No Objection Certificate. Experts advise that you could be added as a co-applicant or act as a guarantor for the loan, or you could take out the loan in your own name and then assist your father.

kavksatyanarayana (Expert) 17 May 2023
As the property is on your name your father cannot avail loan. You may mortgage the property as your father is a guarantor.

T. Kalaiselvan, Advocate (Expert) 18 May 2023
Your father cannot be able to avail mortgage loan for the property lying on your name.
However you my be added as a co-applicant for the loan for the purpose of creating a interest over the property.