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Can we give leased land as primary security for loan?
17-Aug-2023 (In Civil Law)
We are starting a automobile service centre. We have taken a land on lease from a person for 7 years. This is MIDC land. We want to avail loan for our unit. Can this land be a primary security? We have not purchased this land, but taken on lease for 7 years. Need your opinion on the issue.
Firstly you have to see whether the land is allow to transfer on the basis of Lease as the owner is MIDC. If the answer is yes you have to take permission from MIDC to make this land as primary security for limited purpose.
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Adv. Vijaykumar Bhujangrao Dhakane
Pune | 25+ Answers
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Transfer of leasehold property
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Hello, No you can't do that because you are not the Vendor or Owner of the said property, you are just a tenant on the said land, as a lease holder you are given the property by the owner for you unit purpose and else then that you don't hold any rights to sale, transfer or lease as you not being the owner of the property therefore you can't put up the said land for loan purpose and such rights are invested only and only with the real owners and possessors of the property! Thanks and regards Oswal & Co.
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Adv. Darshan Subhash Oswal
Pune | 100+ Answers
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No
Loan cases needs approval after getting all documents for security and surety of refund of loan amount through emi.
If loan applicants do not have any owned property as a security then he can mortgage his family property with consent of all family members.
Rented or licensed property is under the ownership of land owner, tenant can not mortgage it for any type of loan.
Loan cases needs approval after getting all documents for security and surety of refund of loan amount through emi.
If loan applicants do not have any owned property as a security then he can mortgage his family property with consent of all family members.
Rented or licensed property is under the ownership of land owner, tenant can not mortgage it for any type of loan.
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