• Home loan

I had a home loan in Indian Bank since last 5 years. I want to close the account and pay the entire amount. The Home loan is in Joint Name with my sister.
But the bank is saying that it cannot relive the mortgaged title deed, on the basis of my personal gurantee given in an OD secured account which is in the name of my brother in law and my sister (the same sister with which I am having joint ownership) and at present the said Secured OD is NPA.
My home loan is standard. 
please suggest
Asked 7 years ago in Property Law
Religion: Hindu

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6 Answers

Bank can exercise its right of lien and refuse to release the original documents of title .general Lien gives the right to the creditor to retain the possession till all amounts due from debtor are paid or discharged

2) you are guarantor of over draft facility taken by your sister and brother in law and said account is NPA . Hence bank can refuse to release your original documents of title

Ajay Sethi
Advocate, Mumbai
96829 Answers
7812 Consultations

Inform buyer that bank is refusing to return original documents as it is exercising its right of lien

2) cancel the deal with the buyer and take possession of your property

Ajay Sethi
Advocate, Mumbai
96829 Answers
7812 Consultations

The query is not muh clare to me.

The bank is not acting properly and the right of redemption can be never be taken away.

If you are from kolkata I may suggest you to bring all papers to have proper appreciation of facts.

Devajyoti Barman
Advocate, Kolkata
23201 Answers
511 Consultations

1. If you pay back the dues and close the account, you shall get the no due certificate and the said property will become free form being mortgaged.

2. However, the Bank will physically return the original title deed of the said mortgaged property to its owner/s only and not to anybody else to avoid any future claim from the original owner or any one of the joint owners.

3. However, the Bank can not treat the said mortgage of your property jointly held with your sister as the mortgage of another loan which stands in the name of your brother in law and sister since the said property stands in your name also.

4. Pay off your loan and get the no due certificate first and then claim back the original title deed to be handed over to you and your sister jointly.

5. If the Bank refuses to hand over the same, lodge a complaint to the Ombudsman of the Bank.

Krishna Kishore Ganguly
Advocate, Kolkata
27453 Answers
726 Consultations

But the bank is saying that it cannot relive the mortgaged title deed, on the basis of my personal gurantee given in an OD secured account which is in the name of my brother in law and my sister (the same sister with which I am having joint ownership) and at present the said Secured OD is NPA.

If the bank is not returning the title deeds for any such silly reason, you may drag them to the consumer forum for deficiency of service as well as for compensation due to the loss suffered even mental.

There are various such cases decided by national commission condemning such acts by the banks which is not only invalid but also illegal.

T Kalaiselvan
Advocate, Vellore
87030 Answers
2337 Consultations

plz suggest the consequences and the remedy for it.

The other business transactions to which you are committed is totally different to this one with the bank,

That you have to deal with separately and do not mix them up with this.

T Kalaiselvan
Advocate, Vellore
87030 Answers
2337 Consultations

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