1) If a property(Land/Building) which is a Non Agricultural Land, situated in city limits and which do not have any approved layout(Since the property is with the mortgagor for past 40 years & it has already been allotted a CMC No. by the Corporation) can be taken as security for Bank Loan and weather it is recoverable under SARFAESI Act...???
If the borrower has marketable title and the bank legal panel finds no adverse issues related to the property, the bank may sanction loan on the basis of opinion and recommendation of the legal advisor of the bank.
2) If a property(Land/Building) which is a Non Agricultural Land, situated outside city limits and which has an approved layout approved by Mandal Panchayat can be taken as security for Bank Loan and weather it is recoverable under SARFAESI Act...???
NA land or property having clear and marketable title vested on the borrower, if the bank is satisfied about the title, may grant loan and if the loan amount exceeds Rs. 10,00,000/- and classified as NPA, recovery under Sarfesi Act can be initiated by bank at its discretion.
3) If a property(Land/Building) which has no records of Conversion to Non Agricultural Land (Since there is evidence that the said property was never a Agricultural Land, For Eg: Area of Bidar old city ruled by Nizams, where the Fort is situated, there is no NA Conversion records but the Title is there in the Mortgagor's name) and has no approved layout can be taken as security for Bank Loan and weather it is recoverable under SARFAESI Act...???
If there is no evidence of agricultural activities in the land ed property or any property in the adjoining areas, then the bank may at its discretion, if found to be genuine with a satisfaction about the title, grant loan and for default, if applicable sarfesi act can be implemented.