Banking

gopal (Querist) 28 May 2016 This query is : Resolved
A Borrower stays in place X seeks loan from Bank in Place Y. The Properties to be mortgaged are in place X.

Bank Oficial(Place Y) officially go to place X and get all documents executed against the loan at place X. In such documents too place X is mentioned.

Query:

i)In point of view to safeguard Bank`s interest ;is there any legal impediment of having executed the document at place X though Mortgage was to be at place y(Bank)

ii) Can the Borrower later allege that having not gone to place Y ; how my sigantures were taken and mortgage is not proper.

I am Bank`s Advocate and opinion is being seeked from Bank on above two points.

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Guest (Expert) 28 May 2016
The Mortgage Registration could be done only at the Place where the Property is Situated.Normally Bankers would collect all the Proofs and Identity of the Borrower/Client before sanctioning the Loan.Bankers have their own Formats/Forms to be Filled and Signed by the Borrower/Client apart from Mortgage Deed and including his Id proofs with Photos for their Safety.Even for Mortgage Registration at Registrar Office Photo Id is mandatory.

Kumar Doab (Expert) 28 May 2016
Majority of the banks have centralized the lending divisions at one location.

Apparently the loan officers have conducted the physical check.

As per your post the place is also inserted in documents.

Register the mortgage.

SAINATH DEVALLA (Expert) 29 May 2016
I sail with the above suggestions,nothing more to add at this stage.

Rajendra K Goyal (Expert) 29 May 2016
a) Mention the place of execution of documents as X in the documents. Documents can be executed at place other than the Branch of the bank (say at borrowers residence). The equitable

b) Equitable mortgage can be created at notified center, if Branch is situated at place y and it is notified center, equitable mortgage can be created at Y even if the property is situated at X.

Or

If registered mortgage has to be done, it has to be registered at a place under which jurisdiction the property is situated.

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