BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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security on movable property for a loan given by a bank.
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security on immovable property for a loan given by a bank.
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concession on immovable property for a loan given by a bank.
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facility on immovable property for a loan given by a bank.
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Detailed explanation-1: -1 Answer. Mortgage is a security on Immovable Property of property for loan given by the bank.
Detailed explanation-2: -In fact, ‘chattel mortgage’ has been commonly used to describe mortgages of movable property. Like in case of immovable property, a mortgage of movable property transfers an interest in property to the lender to secure the payment of the obligation of the borrower.
Detailed explanation-3: -HDFC Bank Loan against Securities 50, 000. Easy repayment process. Transparent processing of loan. Interest rate charged on the loan amount used.
Detailed explanation-4: -Existence of prior charge: it is very essential to see that the property is unencumbered. If there is any prior charge, the banker’s interest will be much affected. Hence, the banker must ask the borrower to produce an unencumberance certificate for the period immediately preceding 13years.