s.a.nizami (advocate) 25 November 2013

Deposit of title deed to avail loan

In Memorandum of depositing title deed (registered): stated that : " documents deposited for limit of Rs.6 lakh"though borrower has taken Rs 6 lakh but falsely deposing before court and admitting availed only Rs.1.5 lakh from mortgagee.without any written evidence.is it admissible in the light of laws of mortgage in India that one can deposit title deed for limit of 6 lakh and take amount phase-wise or in instalments as and when he required to the limit of 6 lakh from Mortgagee.?..., kindly reply under available provisions of law.

Reply Follow

3 Replies

adv.raghavan (Advocate,9444674980) 25 November 2013

if the mortgagee has proof to substantiate his claim, of paying 6 lakhs to the morgagor. if your are referring to a bank case, bank will never extended 6 lakhs for 6 lakhs worth of property, it will extend only half the amount. generally bank will allow to take payment on regular intervals after restructuring the loan.

s.a.nizami (advocate) 25 November 2013

Mortgagee is not having any other proof that mortgagee paid Rs.6 lakh

s.a.nizami (advocate) 25 November 2013

It's not the bank case ,borrowed money from friend.borrower though borrowed rs.6 lakh but taking undue advantage of words mentioned in deed that..." Deposited title deed.for limit of 6 lakh" and saying he has taken only Rs1.50 lakh