Apni Law Staff asked 3 years ago
My wife and I jointly own a piece of land. I recently applied for an agricultural loan in my name and used the property as collateral. The bank charged registration fees from both of us for this single loan. Is this a standard practice, or should they only have charged me, since the loan is in my name?
1 Answers
Best Answer
Apni Law Staff answered 3 years ago
Indian law requires registration fees to be paid by all owners of a property when it is used as collateral, regardless of who the loan is taken by. Therefore, the bank is justified in charging registration fees from both of you, even though the loan is in your name.
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