Easwari (Teacher) 22 August 2013

Study loan

i am a student applying for a loan to study abroad for higher studies. Both my parents are not working. We have submitted all the documents related to tax returns , bank statements for 6 months of 3 borrowers

We have showed our flat as collateral.The private bank is asking for EC from 1987 for the motherdeed.Our property is registered on 2006. We were able to show from 2000 onwards.We have original saledeed of our flat.But no original motherdeed of the plot (3000 sq foot). on which 8 flats are constructed. Please help.

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Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 ) 22 August 2013

Tracing ownerships should always begin with scrutiny of the earliest document recorded. If such documents are not made available, certified copies have to be obtained from the registering authorities. This process should not be ignored. Earlier documents are called mother or parent documents.

Hemang (Advocate) 22 August 2013

When the Borrower applies to the Bank for financial advances or a loan, the Bank would always ask for the security, which is offered by you. However, the Bank would make a search in relation to such property through its lawyer. The Lawyer prepares the "Title Certificate" certifying the "right, title and interest". Thereby, the Bank would come to know as to who is the true and lawful owner of the property. This is done in order to avoid fraud with the Bank. So let the Bank's advocate prepare the Title Clearance Report. As far as the papers that are not available with you are concerned, you can always go before the Sub Registrar of assurances and ask for the certified copies of such record. You may obtain the certified copies and also file an affidavit with the Bank that the original is not available with you and as such the property is not otherwise mortgaged with any person, persons, Banks and or the Financial Institution.