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Rohit3110 (GM)     20 July 2011

Collection of property papers from Bank after loan is over

I have a flat where I am the principal borrower whereas wife is co-applicant of loan. I am the 1st owner of the property and wife is 2nd owner.

We are staying separately since our marital dispute since 6 months (She has filed DV). About 18 months ago wife paid the balance loan of about 40K and got an NOC issued from SBI without information to me, then went to central SBI branch and collected the original property documents. The bank handed over the documents to her without my signature or physicial presence.

Q1. What is the policy of SBI on handover of original documents once loan is over?

Q2. Can bank, in this case, SBI, handover the documents to co-applicant without seeking the signature of the principle borrower ? The bank says since it was joint loan/property they hand over the papers to either party. This is somehow not sounding the correct policy.

Q3. How should I now proceed against the Bank and the co-applicant.

Q4. What should I do to ensure that this does not happen with my 2nd property also whose loan is still running.

Regards

 



Learning

 6 Replies

rajesh kumar (D.O.)     20 July 2011

go to bank & bring your papers.

Ca Atul (Partner )     22 July 2011

For the first query in my opinion there is no mistake made by the bank.

For the second query, just approach the bank with the letter mentioning the facts and requesting them not to hand over the papers unless joint signature are there.  Or else you directly can repy the loan and get the original documents as was done by her for the first property. 

The opinion is subject to the facts unknown to me.

Bharatkumar (ADVOCATE )     22 July 2011

First u give a application for 2nd property to the bank and write that without my signture bank has been not issue the original documents of the property to my wife alone and received this application with bank stamp.

And about first property u can give a application to the bank why u give original documents of the property give to my wife? If bank not give proper answer u give a notice to tbe Bank and Your wife about this matter.

And I think first u call your wife about releted the 1st property documents and meet her and collect the documents from her. I don't know what's the dispute between u but u call her and if ready to meet u and give a all documents at that time u check all documents clearly and u meet her out of her and your house (any hotel / reasturant and any other place who like her) this is my personal advice.

NIRMALA DEVI.C (Advocate)     22 July 2011

You have taken the loan for the flat when there were good terms between you and your wife. Bank sees only whether the loan is repaid and not who is paying.She repaid balance amout of loan and took documents back. You might have told Bank authorities not to hand over the documents to her. There is no mistake with bank authorities. Since you are husband and wife, bank handed over to one of you.

In the second case you repay the balance amout and take documents back.  Before that, you give a letter to the bank not to hand over documents to anybody except you.


 

Bharatkumar (ADVOCATE )     22 July 2011

U r right Nirmalaji but bank know that this is original documents of the property and she is only co-applicant the principal borrower is her husband and if the all document of bank both r sign so why at the time of receiving the original documents bank sign  only  one person? I think this bank mistake.  

Kumar Doab (FIN)     23 July 2011

You may submit a written representation to the Nodal officer of the bank and mention all the facts and demand a reply along with the copy of the bank policy and concerned law of the land vide which the bank has framed the policy. If you are not satisfied you can raise RTI application. You can later approach BO/RBI if deemed fit.

Even if the property papers are collected by your wife still both of you are the owners.

For the 2nd property proceed as advised by learned members.


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