I have applied for Reverse mortgage loan against my residential property. The IDBI bank approved the loan for Rs.15lakhs as one time payment. Tenor is 10years. I need not pay EMI. At anytime during tenor period I can foreclose the loan by paying Rs.15lakhs plus accrued interest. After the completion of tenor period of 10years, the amount to be repay along with interest works out to Rs.45lakhs. To receive the loan amount of Rs.15lakhs, I have to register a simple mortgage deed and deposit the property documents to the bank. In the simple mortgage deed, the loan amount to be mentioned is Rs.15lakhs or Rs.45lakhs. Due to this doubt, I could not receive the loan amount. Kindly give your legal opinion and clear our doubts and so that I can register the simple mortgage deed accordingly. Thanking you Sir.
Trouble Logging in? Try following the given steps -
1. Visit your inbox to find a confirmation mail from LAWyersClubIndia.
2. Click on the confirmation link and confirm your signup
