Verification of Loan Documents
Shivom Jindal
(Querist) 28 November 2009
This query is : Resolved
Hello members, i have certain queries in continuation of my earlier queries regardin EQM and RM. While verifying the Loan documents of Bank we have to check the documents such as:-
1 NEC
2 Receipt of payment of fee for search
3 Mutation/Jamabandi
4 Title Deeds
5 Legal opinion
6 Valuation certificate
Now the thing that is confusing me is how to verify that Banks Lien has been marked on the same property or not. The answer to this query was that bank will apply in form VI B and ceritificate in respect of the same will be issued in form VI C by the respective authorities.
Is the presence of above 6 documents is sufficient to have a valid legal claim or lein mark is must to avoid any fraud.
Further some please tell me the purpose of Vetting of Loan Documents.
Thanks in advances.
adv. rajeev ( rajoo )
(Expert) 28 November 2009
above 6 documents are sufficient to have a valid legal claim
Raj Kumar Makkad
(Expert) 28 November 2009
Though the documents mentioned in the quarry is sufficient before the sanctioning the loan by the bank but lien should be got entered in the relevant record and an affidavit should also be obtained in support of search report qua the non-encumbrance of the property in question from the applicant
Y V Vishweshwar Rao
(Expert) 28 November 2009
The Lien of Bank on Property !
After depositing the title Deeds with Bank the memorandum of Equitable Mortgage ( mortgage by deposit of Title deeds) shall be Registered with SRO , the same will reflect in the EC
Y V Vishweshwar Rao
(Expert) 28 November 2009
In case of mortgage of agricultural lands the acquisition of interest by mortgage shall be informed to the Rveneu recording Authorities by the Mortgagee !
