Mortgage
shaik. Muneer Basha
(Querist) 17 March 2012
This query is : Resolved
a manufacturing firm of hyderabad in the process of obtaining a Mortgage loan from a peoples co-coperative bank in maharashtra, for the purpose of mortage the Firm keeping its assettes situated in hyderabad and maharashtra as loan amount is 2crs,
All the requisites are fulfilled, now the co operative bank insisting to have its name on the Encubrance Certificate related to the property in hyderabad
how we can get bank's name on the Encumbrance Certificate as the bank is not the ownwr of the property/?
Raj Kumar Makkad
(Expert) 19 March 2012
The demand of the bank is illegal but the encumbrance certificate can be got issued in the language that the property is fit for mortgage with the concerned bank (name of the bank).
Such certificate is legal and shall meet the requirement of the bank.
V R SHROFF
(Expert) 19 March 2012
mfg firm & bank should consult legal firms or theirs Advocate.
we are here for FREE FORUM FOR NEEDY DESERVING persons who cannot afford their advocate
