dpspandey (student) 01 November 2010

Title Investigation report for Home loan

Dear Experts,

I have applied for a home loan with SBI for buying a resale flat (which is more than 17 years old property), SBI has taken 1) Valuation Fee 2) Searching Fee and 3) Processing fee, and has confirmed that on successful Search and valuation report, they will sanction the loan.

Please tell me what this "Searching" means?

Will this also include non-encumbarnce certificate (for at least 13 years)?

Can i rely on SBI appointed lawyers for the search report? Or do i need to appoint my own lawyer to do the searching?

Since this is a resale flat, i am susceptible about its genuineness, and want be assured that it is free from legal hassles and dispute

Pls help

Thanks and regards

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5 Replies

bhagwat patil (Property due diligence 9422773303) 01 November 2010

For search 30 years history of mutation ids required.limitation for any right over immovable property is 12 years, and any mejor person can sue in court -. as if child born on today can get right today only but he can ask after 18 years +after attening 18 years limitation strarts of 12 yearsthus 12+18=30 years.

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adv. rajeev ( rajoo ) (practicing advocate) 01 November 2010

you can rely on the investigation done by the bank because unless the property is cleared and got clear tittle they wont sanction you the loan.

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niranjan (civil practice) 01 November 2010

Though opinions of both the learned friends are correct,but for your own satisfaction you may take search and NEC.but the bank will rely on search of his Advocate only.

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dpspandey (student) 02 November 2010

Dear Experts,

Thanks for your answers, one more thing

My Question is:

1). Will the title investigation or "Searching" by SBI also include Non-Encumbrance Certificate ? And of how many Years?

2) Will SBI share the title investigation report with me?

3) In case on a future date a dispute or Encumbrance comes forward, will the bank take responsibilty for the same, and provide me the necessary rights?

Thanks and Regards,

DPS pandey

ram (kp) 02 November 2010

After going all the internal legal process bank will sanction loan to you, they won't share their legal report to you.

If in future any dispute arises between you and seller, only you will be resposible not bank. I am facing this issue, now i can not stop paying EMI and still struggling to get property.

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