BNK601 Assignment 1 Spring 2023 – Assignments – Solution VU
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BNK601 Assignment 1 Spring 2023 – Assignments – Solution VU
Banking and Practices (Bnk601)
Assignment NO 1;
online universities in usa > College Scholarships > Scholarship Application Strategies > Apply for Scholarships
Solution;
- What preliminary steps you will take before advancing a loan facility against immoveable property?
Answer;
online universities in usa > College Scholarships > Scholarship Application Strategies > Apply for Scholarships
Step 1; Before advancing a loan we required a property document from Mr. Ahmed which is called FARD issue from Patwarkhana or tehsil office.
Step 2; We required NEC. NEC, or a non-encumbrance certificate is issued to ensure that there is no encumbrance on the property that a person is offering to the bank as security.
Step 3;We said to Mr. Ahmed he mortgage the property into the banks names.
- What type of mortgage you can offer to Mr. Ahmad in above case and why?
Answer; We offer Full Registered Mortgage to Mr. Ahmed because in this type the property is transfer to the name of bank in case of any problem bank has right to sell his property in auction after legal action and recover the mortgage amount.
- What is the scope of mortgage? What remedies are available with ABC bank limited if Mr. Ahmad gets defaulted?
online universities in usa > College Scholarships > Scholarship Application Strategies > Apply for Scholarships
Answer; the scope pf mortgage hereunder included the principal amount and the interest accrued on the same the relevant losses fees and expenses for reliation of this mortgage.
If Mr. Ahmed become defaulted then bank can sell his property to recover the amount.
Discuss different types of mortgages, and what are the advantages of one over the other method of mortgage?
Answer; There are two type of Token mortgage and Full registered mortgage in token mortgage the bank get some amount of f total amount for example from Mr. Ahmed pay 1 lac as security of loan and in other hand full registered mortgage Ahmed transfer the property to the bank. The most beneficial type of mortgage is Full registered mortgage.
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