Dear All
I had one quick question regarding cration of mortgage by Banks. We are availing a funded/non funded facility from bank against which we have provided immovable property_house as collateral. The property was purchased in 1991, on which stamp duty is paid, however since registration was not prevelant at that time registration was not done. We had obatined housing loan from HDFC in 1991 which was repaid around 2000.
How the current bank states that it can not create the mortage since the documents are not registered. The property is in now names in society records since 1991. Can you suggest whats the way out. We are ready to register the proeprty now also.
Thanks
Nirav