Non deposit of registered sale deed with bank as mortgage.
rohitkumar65
(Querist) 07 May 2013
This query is : Resolved
Dear Experts,
A bank gave housing loan to Mr. X on the stenght of unregistered Agreement for sale and Tripartite Agreement between Mr.x, Developer and the Bank. The loan is repaid regularly by the borrower i.e Mr. X. But Mr.X on the one pretext or the other is not depositing his Regd. Sale deed with the bank as mortgage which he was supposed to do as per tripartite agreement. Notices were served upon Mr. X as well as the developer seeking deposit of the sale deed but no reply from their end. Now what action should be taken by the bank.
ajay sethi
(Expert) 07 May 2013
bank should recall the loan as borrower has failed to deposit title deeds of property . grant him 15 days time to deposit original documents
