release of registered mortgage - format

sridharan v (Querist) 04 June 2008 This query is : Resolved
Dear Sirs,
can u e mail me a format for releasing
a Registered mortgage created in favour of
a bank as the loan has been fully paid back.

thanks

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Guest (Expert) 04 June 2008
Each Bank will have their own set of proforma deeds. I suggest you take one from tha concerned bank do it. Otherwise they may not acccept your document. In case you need one please write here I will get you one.

SROTAS -Global Legal Services (Expert) 04 June 2008
If the mortgage is created in any nationalised bank, it is the duty of the concerned bank to issue no dues certificate to you after you pay the entire dues. You have to produce the certificate before the concerned Registrar where the mortgage is registered. Only Redemption deed has to be filed. No need to file seperate release deed. If the bank is particular about the release deed. Please inform. I will send one draft deed.

Rajesh Sharma (Expert) 09 June 2008
Dear Mr.Sridharan

Once the loan amount is repaid, it is the duty of the bank to release the title documents of the mortgaged property together with "no dues" and "non-encumbrance certificate". There is no need to execute any fresh release deed for getting the property released from mortgage. Please also ensure whether it is an equitable mortgage or any other kind of mortgage before proceeding further.