bank refered paper to panel lawer for impact on bank for mortage as difference of land is 110 sq ft
Maseeh azam
(Querist) 13 April 2011
This query is : Resolved
Sir, i got land through civil court by hibba and by kewala is 1925sq ft, but anchal has provided me mutation of 1825 sq ft, telling that khatiyan contain only1825 sq ft, however i have possesion of land according to civil court i,e 1925 sq ft, my father is telling survey is not correct so khatiyan is not correct, However i am satisfied what area is written in mutation, my question is The query of bank is justified as i am mortagaging through regestered mortage.Why bank is objecting.
RAJU O.F.,
(Expert) 14 April 2011
Bank may value the property for the lesser extent of 1825 sq.ft. and consider for loan to that valuation. The sanctioning of loan is at the discretion of the bank and hence be tactful and convince the officials your necessity.
Maseeh azam
(Querist) 15 April 2011
thanku, need your more expert view, my loan is against salary of me and wife so valuation of property is not necessary,give more light
malipeddi jaggarao
(Expert) 17 April 2011
As far as your first part of query is concerned, Bank will not object about difference in extent and it will take the extent mentioned in the title document, get the title examined by its panel advocate and also get the valuation of property by its approved architect for determining clear and marketable title and market value of the property proposed to be mortgaged.
Coming to your second query that your loan is against salary of yourself and your wife an the valuation property is not necessary - your view is not correct. If the loan is determined only on the basis the salary, it is called personal loan and the loan amount will be determined after looking into sufficiency of amount for recovering the Bank dues apart some other factors. In other loans also banks do tie-up the recovery with salaries, but they require collateral security looking into the quantum of loan requested and also importantly the purpose. Hence if you are offering your land as collateral security for mortgage with the Bank to secure loan, though recoverable from your salary, all procedures like title verification and valuation of property has to be undergone before considering your request.
