The owner of the home that I’m keen to purchase has misplaced the unique letter of allotment. Though, the proprietor obtained a licensed true copy (CTC) after lodging an e-FIR and submitting an indemnity bond. However the financial institution is unwilling to present a mortgage primarily based on the CTC letter of allotment for worry of misuse of the lacking unique letter of allotment. What can I do on this regard?
— Identify withheld on request
Primarily based on the restricted data supplied to us, we assume that by the owner, you imply the proprietor of the flat, whose title doc i.e., the unique letter of allotment, by advantage of which the home was allotted to or bought by him is misplaced.
Within the instantaneous case, over and above submitting e-FIR and indemnity bond, chances are you’ll test with the involved financial institution whether it is keen to sanction the mortgage, if the proprietor of the flat publishes a public discover informing the general public relating to the lack of the letter of allotment (CTC copy of which is offered) and welcoming claims/ objections in respect of the switch of the home, within the each day native newspapers in English and the native language the place the flat is located and no response pursuant to the publication of the discover is acquired throughout the prescribed interval, as talked about within the public discover.
Usually, the interval is wherever between 7-21 days relying on the info of the case. Moreover, although not strictly relevant to the info of the current case, in case the proprietor of the flat has been in steady and uninterrupted possession of the flat for a interval of 12 years or extra, then, certainly, this will add worth to the proprietor’s title.
Nonetheless, chances are you’ll word that completely different banks have completely different norms to grant a mortgage and in case a selected financial institution might not grant a mortgage, one other financial institution could also be keen to grant a mortgage for a similar flat primarily based by itself evaluation of the paperwork and prescribed necessities.
Aradhana Bhansali is companion, Rajani Associates.
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