Sachin Kumar 26 December 2019

Property Related

I have taken a flat of 915 Sq. Ft in Greater Noida West in resale. Registry is completed along with Transfer Memorendom procedures. All the original document has been submitted to bank. I have TAKEN HOME LOAN from PNB HOUSING. Registry done in May19. It is been 7 month and I have received an email from PNB for two more documents which they have asked for :
1.Permission to Mortgage
2. Mutation Certificate.

My Authority is Noida Authority. So my question is why this is requiring now after 7th month? Is the both are same or both documents are seperate? Do you have any idea
Sachin Kumar much amount is required to get both the documents.? Is both the document required.?i m just wanted to understand and know my right based on above information. Could any one help me out here in detail. Thank you

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5 Replies

SHIRISH PAWAR, 7738990900 (Advocate) 26 December 2019

Dear Sir,

On legal point my reply is both the documents are seperate one. After completion of purchase you have to effect mutation entry in government records and it is in your benefit. And you can get mortgage NOC on payment of nominal charges.

Regards,

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Sachin Kumar 26 December 2019

This property was taken in resale. Hence first party have taken the NOC from Builder and then we have proceeded for the TM (Transfer Memorendom). In that case do I still need to take the NOC. Is this related to promise to mortgage? *All the papers including registry is with bank.

G.L.N. Prasad (Retired employee.) 27 December 2019

The bank might have asked for those two documents as per their audit objections. In several cases, the land belongs to authority and they may not permit a mortgage, and mutation is a must in Corporation records. In both cases, the process is simple as the main document state whether the land can be mortgaged or not, and tax paid receipts discloses your name, then submit the receipts as it confirms mutation. (Normally banks collect the same while sanctioning the advance and it appears that they might have missed obtaining these documents)

Sachin Kumar 27 December 2019

Can any one tell for the lumpsump charge to get these documents

T. Kalaiselvan, Advocate (Advocate) 27 December 2019

Both are different documents.

As rightly opined by experts above, the permission for mortgage is an essential document in order to know whether the property is eligible for mortgage loan or not and the mutation records is also essential since it is a resale property.

The property may remain in the name of the vendor itself in the revenue records, hence it has to be mutated on the name of the buyer to classify him as the absolute owner of the property