Want to take Loan over a 1 Acre Plot To Start A new business project

3 years ago

Hi, I have about 3 Acres of land and I am planning to start a new business project over 2 acre plot out of 3 acres, and to fulfill the projected business costs I wish to take some Loan over 1 acer of plot out of the 3 acres land.

Now my question is that in an unlikely situation in which if I become unable to pay back the loan amount back to the bank due to business failure or any other reasons then what rights do banks have in this situation...??? Can they seize the whole project for the debt amount recovery or they can only seize/auction the 1 acre plot over which I have taken the Loan for the business project??

Kindly reply with detailed information.

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Devesh Tripathi

Responded 3 years ago

A.in case if a person has all property then bank can call that property but if his or her family members have then that land can be saved so you should keep only 1 acre land in ur name and rest you should transfrer to some other name before you go for laon if you have such doubt

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Kishan Dutt Kalaskar

Responded 3 years ago

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A.Never do any business by taking loans. Secondly get loan only on piece of land as proposed but they can attach all of your properties better sell remaining properties or transfer to your family member.
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Anish Palkar

Responded 3 years ago

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A.Depending on the Balance amount of bank loan Can they seize the whole project for the debt amount recovery & if required they can only seize/auction the 1 acre plot over which you have taken the Loan for the business project...What ever is the business project get analysis done from us... we can guide in financial business legal loss prevention

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