Renjith Krishnan 08 October 2018

Remark by empanelled advocate report for loan

I have applied for a Business Loan using Land Mortgage. The land was bought in 1986 and it is free from any encumbrance. But there was a case during 1986 against Land and the case was disposed off in 1987. Now during the verification of Land Documents the Empanelled Advocate told that he will put this as remark in his report. Will that remark affects the approval of Loan.?

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Dr J C Vashista (Advocate) 08 October 2018

There is no harm if the remarks is endorsed in the report of legal officer on panel of the bank qua already cleared the encumbrance.

G.L.N. Prasad (Retired employee.) 08 October 2018

You can obtain judgment on that issue for satisfaction of the Advocate and the Advocate may coment that there was a case in 1987 and it was disposed off. But, you may have to file notarized affidavit that there are no cases /suits/appeals pending, and banker may insist for simple mortgage also.