Bank acknowledgement
pratyu
(Querist) 02 December 2013
This query is : Resolved
sir,
we purchased a house in a township by applying loan in axis bank.the bank aknowledgement (original) was given to the builder and not us after registration of house.is it true that the bank acknowledgement is given to builder and not us ,how can i believe that the original house registration documents will be given to us after loan repayment to the bank.please tell me about the procedure since i am not much educated and have been cheated in my life before.
thank you
Advocate M.Bhadra
(Expert) 02 December 2013
original title deed to be kept with the bank as a security assets,you should collect only acknowledge receipt.
Exemption from registration of security receipt: The Act also provides, notwithstanding anything contained in the Registration Act, 1908, for enforcement of security without Court intervention, under section 7 of the Act, and not creating, declaring, assigning, limiting or extinguishing any right, title or interest to or in immovable property except in so far as it entitles the holder of the security receipt to an undivided interest afforded by a registered instrument; or (b) any transfer of security receipts, shall not require compulsory registration
Devajyoti Barman
(Expert) 03 December 2013
When the loan would be repaid, the bank would return your the original.
I am not sure why you have given the builder the original receipts.
malipeddi jaggarao
(Expert) 03 December 2013
Once the construction of house is completed the builder will register the property in your name. You have obtained loan before the builder registered the property in your name. Hence, the bank must have kept the documents of the builder with them temporarily until the property is transferred in the names of prospective purchasers. One the registration is over in your name, bank will release such security taking mortgage on your property. There is nothing to worry at this stage.
Rajendra K Goyal
(Expert) 03 December 2013
You can always demand and get photocopy of such documents and also the acknowledgement of the same from the Bank. After repayment of the loan all the documents would be returned to you.
BAALASUBRAMANNYAMM
(Expert) 03 December 2013
When a Sale Deed was executed and registered, the bank will release the loan amount, before one day/or on the date of registration, in the name of the Builder. Then only, the builder will handed over the original registered sale deed to the banker. Here you should know, that your loan amount will be released to the builder, only on submission of the original sale deed. In this regard, the bank already given an endorsement to this effect, while granting loan to you. Hence you have no worry. The bank will return back the original sale deed, after closing of the loan account.
T. Kalaiselvan, Advocate
(Expert) 03 December 2013
