Query regarding loan obtained agaisnt mortgaged property.

salman khan (Querist) 22 October 2014 This query is : Resolved
my cousin brother obtained a laon of Rs.1,00,000/- from co op credit society bank (Chit fund) by mortgaging the property.the deed of mortgage registered at registrar office - Thane. now the dues have been clear and bank have given the NOC regarding no dues pending against the mortgager.

now my query is that is it necessary to de register the said deed of mortgage instead of taking noc from the bank? and or personnel necessary to de register the deed, if yes what should be the title of the deed for cancellation of mortgage deed.

please help

Thank you

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Devajyoti Barman (Expert) 22 October 2014
No fresh deeof registration is required at all. NOC is more than enough.

Rajendra K Goyal (Expert) 22 October 2014
No need of fresh deregistration deed, NOC would serve the purpose. If mutation entered in the name of Bank as mortgagee, get it reversed.

salman khan (Querist) 22 October 2014
Thanks for your valuable response, but the property is still mortgaged? if we plan to resale it to third person and register the sale agreement, whether the registrar office ask that your property is mortgaged and if we produce noc then it is sufficient prove or whether they may demand penalty or fine for the same.

Thanks
Regards

Anirudh (Expert) 22 October 2014
Sub-Registrar's office will not ask you any question.

It is the botheration of the buyer to satisfy himself that the property is free from encumbrances.

Guest (Expert) 22 October 2014
Dear Author,Apart From NOC it is duty of the Credit Society to cancel the Mortgage in Registrar Office.Go personally to Credit Society and request they would do it.

K.K.Ganguly (Expert) 23 October 2014
The Bank should take step to deregister the mortgage which was created in its favour.

Isaac Gabriel (Expert) 23 October 2014
It is the prorogative of the Housing Society to get the mortgage cancelled at the Registrar's office on the clearance of the loan and hand over the document to the member.

T. Kalaiselvan, Advocate (Expert) 23 October 2014
The registered mortgage is to be cancelled by a cancellation deed on the basis of NOC obtained after discharge of the entire loan amount unless the encumbrance on the banker will remain.