Mortgaging of property

Guest (Querist) 16 July 2011 This query is : Resolved
My original sale deed documents were with HDFC Ltd from whom I took loan to pay for my 3 bhk flat in an apts bldg at Secunderabad. At long last I have repaid the loan and got back the original documents which are:
a) Agreement for sale of land and construction of flat.
b) Agreement for Construction
c) Sale Deed.
I needed student loan for my daughter to pursue her higher studies so I approached a PSU bank which asked me to submit original documents of the property as the laon is beyond 7.5 lakhs. I did . The empanneed lawyer then asked me to obtain link document for the past 30 years . It was not with the original documents handed over to me by HDFC Ltd , so I approached the builder which helped me to get that link documents. It was then the turn of the approved valuer whivh visited my flat alon with the br manager.
My loan was approved at a cost of Rs 2700/- to advocate,2000/ -to valuer and 1000/- to bank as upfront charges,
Now I am asked to get my property mortgaged with the bank from the SRO Malkajgiri at acast of Appx 9000/-. As far as I remember HDFC did not ask for mortgaging the property but simply took the original documents and EC. Is the procedure being followed by the present banker OK or they are being extra cautious at my cost?
Pl advice. ( Loan amount is 9.25 lacs)

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KAMARAJ BHARATHY G (Expert) 16 July 2011
Dear Sir,
As far as PSU Bank is concerned, they have got RBI guidline for getting the title deed and parent documents for minimum 25 years to 30 years with all the documents in original. If the parent documents contained larger extent then the present extent the PSU Bank shall obtain the certified or xerox copy of the parent documents for the larger extent.
In the instant case the property is flat with undivided share of a portion of the larger extent land. Hence the demand of the parent documents for the last 30 years is in order. The bank did not do anything in the deviation of the RBI Guidelines.
KAMARAJ BHARATHY G
9597139184

prabhakar singh (Expert) 16 July 2011
Expert KAMARAJ BHARATHY ADVOCATE HIGH COURT

HAS RIGHTLY OPINED

Guest (Querist) 16 July 2011
But what about getting the property mortgaged from SRO Malkajgiri for which I have to pay 0.5 % of the loan amount for EM deed plus Rs 1000/- in addition as regn fee plus fees to document writers as the mortgage document is not provided by the bank. HDFC did not ask for such mortgaging , they simply took the original documents in their custody. Pl help me to understand the existing system if it is universally applied.

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