Relinquishment deed on equitable mortgage

rajeev (Querist) 04 March 2013 This query is : Resolved
Hello,

I have taken a loan on my residential house (leasehold plot) on which bank (Bank Of Baroda,Noida) has created an equitable mortgage on Rs 10,000 stamp paper.

Now I have transferred the loan to some other bank (SBI, Delhi) which has not taking Rs10,000 stamp papers.

1. Is it necessary to execute the relinquishment deed
2. If not, then will the property not show encumberance if I demand a non Encumberance certificate.

Please suggest,

Regards
Rajeev

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Shashikant V. Patil (Expert) 04 March 2013
If you have cleared loan of Bank of Baroda, Noida, then they can issue Loan/Encumbrances -NIL or Non encumbrances certificate. And in respect of relinquishment deed, why you execute a relinquishment deed for transfer of loan.

Raj Kumar Makkad (Expert) 04 March 2013
Non encumbrance certificate is dependent over the clearance of the loan amount. So get cleared the earlier loan and get such certificate from that particular bank. Relinquishment deed in the given facts is not understood.

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