Sbi home loan

The bank should have taken appropriate documents from you before giving you a loan. You could have always asked for a coipy of all original documents from the bank anytime. They would have to give  a copy on payment of the requisite charges.

The bank giving a housing locan would have to provide you a receipt of all the original documents that they have received from you which would include the registered deed. Why would your copy be with the promoter who may or may not have given to the bank.

You need not worry about original deed if it is misplaced as it is a registered document and a certified true copy from the registrar is also good for you to do transactions on the property but the prospective buyer will have doubts regarding the missing original deed.

S Jadhav

The loan transaction particularly the housing loan cannot be made without deposit of original title deed with the bank.Be sure that a certified copy of a sale deed is neither equivalent to original sale deed  nor the equitable mortgage can be created on the basis of a certified copy of sale deed.With the loss of original sale deed a presumption is attached that the same has been placed with some financial institution for raising funds.The loss of original sale deed definitely devaluates the property.

Thank you sir for this but can someone tell me what can be done to get the registration paper from sub registrar. In all probablities the promoter submitted the igr to bank and bank never took the registration deed from sub registrar

You can only get a certified copy from the registrar since the original copy will always be with the party and one with the registrar. The value of the original deed is to ensure that the property is not encumbered by an equitable mortgage.

You cannot do anything except that you can give an indemnity whenever you transfer the property to someone. Ina nay case during the title search process or after certain period of time after the next transfer to someone else by a registered deed, no one else can claim that they had the original deed as a guarantee for any loan.

The property will have the new deed and it would have a good title. But why do you want to spend money and effort now to clear this issue as you cannot do anything about it. It iwll be taken care of when you sell to someone. Also ensure that you do not get lesser price due to htis as this is not a mjor issue but you may hve to provide indemnity. You may get in touch.

S Jadhav

The sanctity of original title shall remain there.The property may change hand a number of times,but if the original is placed with some financial institution, the charge will move with the change of owner/Title.It will not be the case that once an indemnity is given and a new title is created the original will lost track.It happens a number of times that a purchaser for valuable consideration, recieves a notice under SARFAESI ACT after a number of years of his ownership,when the loan against the property turns Non Performing Account.