13 March 2018
Respected Experts, I am Loan Consultant as a Profession one of My Client want to take a Home Loan under Scheme Pradhan Mantri Awas Yojna. There is a missing of sales deed of that Property which is done in favor of his Grandfather in the Year 1985. He inherited property by his father. They are Two brothers and three sisters in family after his father. They make a Release deed in favor of his one brother in registrar. Now He want to take a Home Loan my question is that Release deed is a valid document for taking a Loan. I also verified that there is no charge created on that property in City Survey Office and in Nagarpalika and also in Registrar. So is He eligible to make a equitable mortgage of property on the basis of that relinquishment deed or release deed? Suggest me a way to deal with that case. Thanking You all.
13 March 2018
Property fraud is all time big game, always remember this. The original sale deed in favour of grandfather missing, now that is the big issue, was the missing or stolen sale deed registered as FIR with Police? The person seeking loan just on the basis of release or relinquishment deed signed by other heirs as document for mortgage may be carrying the original sale deed that he may use later on to sell the property to third party without the information to the creditor from whom loan was taken. Hope this person doesn't turn out to be another Vijay Malaya or Nirav Modi?
14 March 2018
If the document relate to his grandfather was missed, at present obtain a copy of the said document from the Registrar office where the document was registered. next for relinquishment/release deed, all the legal heirs shall execute relinquishment/release deed and get it be registered. off course it was done. Did all the legal heirs sign in the deed? and if all the legal heirs signed in the release deed then they will have no right over the property. if the above points are ok, he may be granted loan if it is otherwise in order.