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Relevance of Sale deed/Conveyance deed for mortgaging property to bank
18-Jul-2023 (In Banking / Finance Law)
Let me know why do you need a sale need /conveyance for mortgaging a property to a bank ? In case o f absence of sale deed ,Do you any other alternative to prove that property is safe and can be mortagaged?
Sale Deed/Conveyance proves your title over the property, therefore the Bank insist on this documents as a mortgage, so that subsequent to obtaining loan the borrower does not sell or mortgage with other lenders and also in case of default the Bank can after following due process of law can sell the property to recover the loan amount. Sale Deed is very important document, you can ask your Bank if they can take any other document instead of Sale Deed.
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Adv. Bankim Mehta
Mumbai | 200+ Answers
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