Return of title deeds

After closure of Loan, the mortgage stands redeemed and the mortgagor/s have a right to get back their title deeds deposited with the Bank under the provsiosns section 60(a) of the Transfr of Property Act. If the deposit of title deeds is made jointly by Husband and wife, then the course open would be to obtain a letter of authority or PoA form the other spouse and approach the Bank of taking back the title deeds; provided bith spouse co-operate.

If, in the settlement it is decided that the property shall be allotted to the share of any one spouse, he/she can approach the Bank with the terms of settlement and claim return of title deeds to him/her. If no such settlement is arrived at, then both should approach the Bank to get back the title deeds. If no such co-operation/compromise is possible then it is advisible to obtain a specific order of the court regarding return of title deeds. The cause of action to approach the court should be based on refusal of the Bank to deliver the title deeds to any one of the spouse. Bank will then deliver the title deeds as per court order. This will give valid discharge to the Bank. 

i fully agree with Shri S P Narendra

Thank you for the clear explanation!