24 September 2020
Hi, I have a property (flat) registered in my name since 2019.The property is under Home Loan so all the original documents are with the lender .Recently when I was thinking of Balance transfer of my loan (to a new lender) I requested LOD from the lender. In the LOD, original possession letter was not mentioned. As my purchase was a case of resale (property transfer) all the documents issued to the previous buyer (like Allotment letter,BBA etc) were re-endorsed in my name, by the builder, and handed over the lender. Therefore I was both shocked and surprised that Possession Letter is missing form the List of Documents. Although I have raised the query with the lender, but in case they have overlooked/missed/misplaced the same what options do I have? Should I take legal recourse against the lender? OR do I not need to worry as all other documents are available. Some online legal forums have reported that documents like Allotment letter/possession letter etc become redundant once Sale Deed is executed and is enough for establishing title of property Please Guide
25 September 2020
Yes, the sale deed is the complete document as to title. However, the financial institutions may insist for each and every document as a matter of routine. You may ascertain the requirements from the new lender.
07 October 2020
Thank you everyone for your inputs. I managed to get the possession letter from Builder's office. However it still begets the question about the lack of transparency and connivance by lenders in their dealings with Real Estate Developers. They can and should do better.