India | Banking Law
Legal Question
We have purchased the Assets from the IFCI ltd and sale letter has been issued. The mutation have done in our name. Now we want to mortgage the same property in the bank without the tittle deeds and the sale letter is valid as equal to tittle deeds. All the purchased under the Sarfesi act.
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Legal Answer
The sale certificate in original issued by IFCI Ltd. is your title deed. You can create a valid mortgage by deposit of the same. If earlier IFCI had taken the title deeds of the borrower when he mortgaged his property to IFCI you can also ask them to deliver them to you as parent documents for the sale certificate.
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independent Practice Priya Mahaall, New 27, Old 12/3, Deivasigamani Street Chennai, NUS 600014
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Legal Answer
Besides the Sale Letter, there must be antecedent deeds which all together will constitute the title deeds. No Bank will accept the Sale Letter only for mortgage purposes.
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www.lawconcern.com 7A Queens Court 130 Montieth Road Egmore Chennai Chennai,india, NUS 600008
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