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Regarding wrong entry in EC
27-Aug-2023 (In Property Law)
I am planning to buy a property and the seller is having bank loan on the name of property but it didn't reflect ok the EC . How can I buy this property.
Sir,
please verify, bank loan availed by the seller against the particular property . In case he availed a loan against some other property, then you can very well go ahead with the sale proceedings. If the property is subjected to the loan, even though the encumbrance not reflected in the Sub Registrar files, once the property is mortgaged with the bank by the borrower, then the banker automatically having a first charge over the property irrespective of the fact of EC entry.
please verify, bank loan availed by the seller against the particular property . In case he availed a loan against some other property, then you can very well go ahead with the sale proceedings. If the property is subjected to the loan, even though the encumbrance not reflected in the Sub Registrar files, once the property is mortgaged with the bank by the borrower, then the banker automatically having a first charge over the property irrespective of the fact of EC entry.
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Adv. N Sudalai Muthu
Madurai | 100+ Answers
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He must have obtained the loan by depositing title deeds of property. In earlier years the bank loans were not reflected in EC. Further, EC is not reliable. It is advisable to obtain a 'No objection Certificate' from the bank to sell the property.
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If the loan is from a Metropolitan Bank, your seller would have deposited the title deeds and would have obtained the loan. In such a situation, the bank will not register the loan document. So, the EC will not show the loan.
If you are sure about the loan, you may ask the seller to get NOC from the bank.
If you are sure about the loan, you may ask the seller to get NOC from the bank.
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Adv. V Arunagiri
Chennai | 25+ Answers
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Normally any transaction which is registered will get reflected in the Encumbrance Certificate (E.C). At times there might be missing entry in the EC. This can be stated to the concern Sub-registrar and he/she will issue a fresh corrected E.C. Get it scrutinized by a good property lawyer in your locality. He should guide you further things to be done before, during and after the time of registration.
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Adv. GP Vijay
Chennai | 200+ Answers
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