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How to know if property is simple mortgage or registered mortgage
12-Sep-2023 (In Property Law)
how to know that if the property is Simple Mortgaged or Registered Mortgaed with bank ? I am buying a resale flat which is mortgaged to corporation bank . My bank wants to know if the property is simple mortgage or registered mortgage . How can I know this ? I have latest EC with me ... does EC helps to identify this ? Thanks
You ask with the seller to show to you the original papers -title deeds o the property. If they are able to show then it is not simple mortgage. Another thing is that don`t ever believe that if a Bank lends loan the property is perfect in legality. Banks lend to you , not to the property. If you just ask the Banker a question that what if the seller of that property later found not to be real owner? They will say we will recover from you. S, have your own advocate for a property purchase.
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Yes, if you want better clarification, then has to apply for minimum 30 years encumbrance certificate about the property. If it registered mortgage, then reflects in encumbrance certificate. Banks will not accept unregistered mortgages for issuing loans. When it was deposit of title deeds, then may not reflect in EC. Paper publication is sufficient
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Adv. Chandrashekara Reddy K N
Bangalore | 100+ Answers
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