Aritra 14 June 2023

Loan against property repaid, nbfc asking to execute something called deed of reconveyance.

we have repaid the loan, got all the documents including NOC. Then the NBFC said we need to execute this deed, now I am not able to find any information about it. Like, what would be the stamp duty/registration fee for this. What is this deed about? if it is like Sale deed then will it be calculated from market value of the apartment or the loan amount.

Would appreciate any legal document reference.

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Quick Summary

After fully repaying a loan against property and receiving an NOC, the NBFC is now asking for a Deed of Reconveyance. The borrower is seeking information on what this deed entails, including potential stamp duty and registration fees, and whether these are based on market value or the original loan amount. They are also questioning the necessity of this deed given they have the NOC and were told it might only need notarisation.

2 Replies

Real Soul.... (LEGAL) 14 June 2023

If they gave you the NOC why would there be need of deed of reconveyance. You can execute that and that is not necessarily be registered in court , that can be notarized and there is minimal fee for that.