Home loan when sale deed is lost

Prabhat Kumar N. (Querist) 19 April 2013 This query is : Resolved
My father and I want to build house on land that he owns. But he has lost original sale and rectification deed. We have certified copy of them and are willing to make affidavit, have no trace certificate from police and get it printed in newspapers. Still, most banks are refusing loan. What should I do ?

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Devajyoti Barman (Expert) 19 April 2013
Since loan on house building is made through creation of Equitable Mortgage by deposit of title deed, no bank would give loan on the available documents.

Adv.Aiyer VLV (Expert) 19 April 2013
You need to look for banks who are willing to give.
Banks are hesitant because scores of fraud occurred using certified copy. Property mortgaged using certified coy and original sold.
You could file complaint with ombudsman for banks not following their manual.
You can try Writ for discrimination and not following RBI direction and manual. Might work

R.K Nanda (Expert) 19 April 2013
try in other banks.

ajay sethi (Expert) 19 April 2013
banks play safe . they dont want another claimant to come forward and claim rights on said property by producing originals .

Raj Kumar Makkad (Expert) 19 April 2013
Well advised by experts.

Prabhat Kumar N. (Querist) 20 April 2013
Thank you every one. Since the issue is now about using certified copy of sale deed, if my father transfers the property to my name using a gift deed, can I use the gift deed as proof because they will be original ?

Raj Kumar Makkad (Expert) 20 April 2013
Gift deed can definitely be used but it requires stamp duty. If you are ready to bear the stamp duty required to be affixed over Gift deed then go ahead as desired.