Mohan Dass 27 July 2019

mortgage loan

I have applied for reverse mortgage loan from a bank and got sanction against my residential property. I have registered Simple mortgage deed and deposit all the original property documents with the bank. In addition I have submitted a WILL & power of attorney in favour of bank. The bank insist me to register the WILL & power of attorney documents also. But in the registrar office, they are telling that after the registration of MODT, either WILL or PA cannot be registered for the same property. Due this issue, the loan is not disburse to me. Kindly clarify how to solve this issue. thanking you.

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1 Replies

Hemant Agarwal (ha21@rediffmail.com Mumbai : 9820174108) 27 July 2019

1. There is no point in executing a WILL document in favor of the Bank, for any mortgage loan. Bank only needs the mortgage deed to be signed and the original papers of the property. PERIOD.

2. IF the Bank is asking for your WILL in their favor, THEN it is highly illegal. Similarly POA also CANNOT be given to Bank for mortgaging property. Apprehensively there is some mischief, for which you would need to consult with a local property lawyer with all your documentations.

Keep Smiling .... Hemant Agarwal
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