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Need link document

(Querist) 22 October 2009 This query is : Resolved 
My client took loan from bank. He has link documents of property since 1961. but bank demanded documents before 1961. is it necessary or not?? is there any provision regarding this? possession also establish about 48 year and property is free hold
Sachin Bhatia (Expert) 22 October 2009
A bank has its own parameters and criteria to determine the eligibility for loan. Different banks have different criteria for documentations.
Raj Kumar Makkad (Expert) 22 October 2009
The demand of bank is genuine and legal within its powers. If you apply for loan, it is the desire of the bank to be firm about your property and its chain of ownership since the period, it desires. However, generally banks become satisfied if the property is found free from all types of encumbrances and without any dispute since last 30 years.
adv. rajeev ( rajoo ) (Expert) 22 October 2009
more than 30 years old documents have got presumptive value.
Suhail suhail (Expert) 22 October 2009
I agree with my learned friends,it is the matter of exhibition of interest in the property to be mortgaged;Unfortunately the queries placed here are never detailed and it will be in the interest of the person to get better guidance by placing the matter with some details.Now here the question is regarding property;what is the nature of property is mentioned,since there are different dimensions for different properties,if it is a building then if the occupation is uninterrupted from the mentioned date then the bank should have no objection to provide loan,as even possessor rights can be transferred,sold or mortgaged.However if the property is land in question then still if the revenue records shows the borrower in actual physical possession from 1961,and the present status is continuously in the name of borrower;i don't think there should be any ambiguity to provide loan on the property,though the procedure of providing loans vary from one another.However if the Bank has to verify the title of the property in the name of borrower a publication can made in the local well circulating newspapers seeking thereby the the attention of public at large to submit objections as to the issuance of loan to barrower by properly specifying the property.


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