Bank not accepted laminated sale deed
Suhas
(Querist) 21 July 2012
This query is : Resolved
Dear Sir
My name is Suhas, I have applied for education loan in SBI. All the formalities were completed to avail the loan, but now the problem is that the sale deed of the property to be pledged is laminated. My father says it was done a long time ago in the 80's, as most of them did it, then, due to oversight. Now, this has turned out to be a headache for us as i am running short of time. Kindly advise on any alternate ways to go about it. The documents are genuine and in my fathers name. SBI lawyer says that it is possible for me to avail loan on agreeing to sign an undertaking. But the bank manager is unsure of this. The lawyer seems very sure as she quotes that she had encountered the same issue 2-3yrs ago. Please reply at the earliest.
Thank you.
V R SHROFF
(Expert) 21 July 2012
Lots of Doc are laminated eg PAN CARD , &accepted as valid doc.
in court, to sign., a part of lamination is removed, and stamped, same can be done here, it do not get tared off, if done carefully, [ask lamination peoples, with slight heat treatment, they may be able to remove it too.]
Sudhir Kumar, Advocate
(Expert) 22 July 2012
None is like toaccept laminated sale deed in mortgage. I do not think they can be complelled. If the deed is destroyed in opening then you will have to apply for fresh certified copy.
J K Agrawal
(Expert) 22 July 2012
Some people plied fraud in Jaipur. They get the original sale deed photo copied in color and the copy was as good as original. Only the problem was difference in quality of stamp paper and photo state paper. They laminated the photo copy and got loan from as much as 14 banks.
Now banks are not ready to face the same thing at any rate.
Only option is to get removed the lamination and some good professionals do it very well.
malipeddi jaggarao
(Expert) 23 July 2012
Agree with Mr.Agrawal. Alternatively instead of equitable mortgage you can go for legal mortgage (the stamp duty is advolerum and cost-wise it is expensive) after obtaining undertaking from your father that the laminated one is the original document and he has not created any encumbrance on the property and he is willing to go for legal mortgage in favour of the bank.
