Dear Sir,
Need your suggestion and some information on subject "Mortage".
1) Recently we purchased an individual house in a gated community. We have availed the loan from "Corporation Bank". while processing the loan Bank asked us to "Franking" the bond papers for 8700.00 which approx 0.5% amount of approved loan. we have completed this and submitted to the bank.
2) Two weeks back we have completed the registration and went to bank to submit the sale deed documents,now the bank manager collected the original sale deed and link documents and handed over the bond papers which were "franked" earlier and asked us to get the property mortgaged.
3) when we approached document writer for more details , he said 1% of loan amount would be charged for mortgage which is approx 20000.00.
we are surprised to hear this news. we request your suggestion on these doubts..
1) when do we need to mortgage the property.?
2) is this normal process across all the banks or other financial institutions.?
3) if this mandatory, what is use of "Franking" the papers for such a high value ?
its highly appreciated if you could through some light on this issue..
Balamurali NV
