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In order to apply for loan, how many years of deed is required
22-Sep-2023 (In Property Law)
Sir.. Thank-you for the patience to read my mail. I have a dout regarding the legal procedure of a bank loan. I don't know that whether it is suitable to ask you... If it is wrong please apologize to me. My self and working in defence. Now I purchased a plot and applied for a housing loan in my nearest Canara bank. I have submitted original deeds of last 9 years. But they are demanding all the original deeds of last 15 years which is showing in encumbrance certificate.I searched the deeds every where but unable to find it out. It may be lost from the preowner. So I want to know that is there any existing rule that producing of last 15 years deeds is mandatory for a house loan? I hope your valuable reply..and contact no soon.. Thank-you
Banks (and their legal advisors) are generally seeking documents for 15 years or longer periods. If the documents are lost, you can get copies from the SRO. You may take the help of a local document writer.
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Adv. P Venu
Vaikom | 500+ Answers
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Why is title search done for 30 years?
The following are the main reasons for a title to be derivated for 30 years:
It is necessary to prove that the current owner has no vested rights. A minor has 3 years to challenge a transfer that occurred during his youth. 31-Jan-2017
How to get title search report of property online in India?
Step 1: Go to the official website of the state where the property is located. Step 2: Visit the Citizen Services section of the online portal. Step 3: Enter the address of the property. 31-Jan-2023
What is the cost of search report in Pune?
The cost of obtaining a title search report for a property
A lawyer charges anywhere between Rs. According to the same, an advocate charges between Rs.
The title deeds of the property to be mortgaged must be submitted in original, and normally the immediately preceding parent document (If the entire property is transferred to the buyer) also mus be in original. All other prior documents can be produced as certified copies for verification flow of title. As an abundant caution, Banks call for original title deeds for 13 years. for tracing of title. However the requirement varies from property to property.
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Adv. Sasidharan Nair M N
Ernakulam | 25+ Answers
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Prior document for the 15 years is not mandatory. However it depends on case to case. If the entire property in the prior documents have been given to you, naturally the original of the prior document also would have been given to you. In that case, they will ask for the originals of prior deeds, as there is not need to have it with you. Anyway, even if it lost, you can get the certified copies of all required prior deeds from the SRO within 2-3 days. Most cases that may serve the purpose.
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Adv. Nelson Joseph
Kochi | 100+ Answers
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