Mohiuddin Baba 18 February 2020

Mortgage

One customer has approached us for sanction of the credit facility under the Housing Loan Scheme for the construction of house. From the perusal of the revenue papers, the person is owner by possession ( Abadhi Deh). Can we go for the sanction. can mortgage be created be valid and at last but not least can Can action under safaesi shall be possible in case of default.

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Hemant Agarwal (ha21@rediffmail.com Mumbai : 9820174108) 18 February 2020

1. The words you put in are not correct (atleast legally).

2. A person who is in possession can at the most be referred as "OCCUPANT" and never an "Owner" in anyway whatsoever, even if he is in Adverse-Possession.

3. It would highly unwise to give any Credit /Loan /Mortgage such property (even though original owner is not available /traceable), more so since such Occupant has no legal standing as "Title-Owner" in the Revenue /Municipal records.

Keep Smiling .... Hemant Agarwal
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