Section 12: Immovable property given as security

12. Immovable property given as security (1) Where a lending institution requires an immovable property as security for the grant of a credit facility, it shall, notwithstanding articles 216 and 1476 of the Code Civil Mauricien but subject to section 12A (b) of the Moneylenders Act, not accept as security an immovable property used as matrimonial home by the spouses unless both spouses give their consent, irrespective of their matrimonial regime. (2) Where an applicant for a credit facility gives an immovable property as security for the obtention of a credit facility and the lending institution requires the immovable property to be valued, the costs of the valuation shall be met by the lending institution if the loan applied for does not exceed the value of the immovable property as specified in the title deed.