Meaning of MELKANAM

MELKANAM

Language - Tamil

Tamil Word - மேல்கணம்

A second or additional mortgage taken out on a property that is already mortgaged, often to secure further funds. Example: In Tamil Nadu real estate, a property owner might take a 'melkanam' on their existing mortgaged property to finance renovations or other expenses, using the property's equity as additional collateral. This term highlights the practice of leveraging existing property as collateral for additional loans in Tamil Nadu, allowing property owners to access further funds while potentially increasing their financial risk.