Takeover of loan by one bank from another bank

R.Ranganathan (Querist) 04 March 2013 This query is : Resolved
In the case of a takeover of mortgage loan in which MOTD is registered then how will the new Bank claim charge over the already mortgaged property. Whether the existing MOTD has to be discharged and fresh MOTD has to be executed? What about the expenses and other charges?

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RAJU O.F., (Expert) 04 March 2013
If the take over is under SARFAESI Act, then the Registration by the new assignee bank/company is enough. If the take over is at the instance of the borrower, the previous mortgage is to be discharged and new registeration in favour of the new lender is required, at the expense of the borrower.

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