Legal Question in Banking Law in India
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.
2 Answers from Attorneys
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.
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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