VIJAYNARAYAN (FREELANCE EDU CONSULTANT) 23 November 2015

Takeover of mortgage loan

Dear ALL

my house is under mortgage loan. i ve identified a buyer for the house and he is willing to take over the mortgage loan also. what are the guidelines for this transaction and what type of sale deed / transfer of Title i am required to execute

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4 Replies

adv.raghavan (Advocate,9444674980) 23 November 2015

You have failed to provide us information about mortgagee details, any way it is better to get NOC FROM the above and keep them in loop

VIJAYNARAYAN (FREELANCE EDU CONSULTANT) 23 November 2015

Dear Raghavan Sir

thanks for the response. The mortgage loan is for 40 L and availed from capital First Ltd. while I will get get NOC , is (1.) a simple POA to my prospective buyer for takeover of Loan is enough and (2). what will be the stamp paper value

Md. Younus (employee) 01 August 2016

Hi,

My query is as under:

Mr. X brother of y (bride) had arrange a marriage of y & z. Up on request of Z, X get release mortgaged house of Z for Rs.3.25 lakhs in the year June 2010. In a good faith X has not taken any signature of either Z or his father.

Property is in the name of Z's father's who expired in 2014.

X has paid the amount to mortgagee and took the mortgage deed from him, which he mark cancel on the face of agreement and wrote as amount received from Mr. X and signed by the mortgagee along with date, which is prepared on Rs.100/- nonjudicial stamp paper. Also X took the original, registered Sale Deed from the mortgagee.

After this the relationship between Y & Z got diturbed and Y filed DVC which has been dismissed. In this judgement it is mentioned that the amount paid to release the mortgaged property cannot be taken as dowry since it has been paid before three months of the commencement of marriage.

She filed an appeal, this also got dismissed in 2015.

Meanwhile Mr. Z divorced X in Dec. 2012.

Till date nothing has been done to recover the amount of Rs.3.25 lakhs.

The original registered sale deed is with Mr. X which has been taken from mortgagee at the time of paying money.

QTN. How can Mr. X proceed to recover the amount now. Kindly guide in detail.

Thanks

sachin 08 November 2016

Is there any legal provision for handover of property papers which is mortgaged. Consider this: 'A' bank has a property mortgaged which is foreclosed by fresh loan from 'B' bank. In this case, shall the property papers be handed over to property owners or in presence of property owners to 'B' Bank. pls guide