If you clear bank dues abd bank agrees for OTS then sale certificate would be set aside and possession delivered to you
Can I get back my property after issuing sale certificate and not taking actual possession?
One of my residential property which i resides currently and which is colateral in my loan, bank issue a sale certificate to bidder but not taking actual possession yet. Bank issued possession notice through District Magistrate/Tahsildar, I filed appeal in DRAT mumbai and take stay on possession by paying 50% amount on my outstanding loan. Now i can make an OTS with bank. so after doing OTS, can bank wil release my property paper?
Asked 7 years ago in Property Law
Religion: Buddhist
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9 Answers
If the DRAT settles the matter and there is OTS between you and bank then the sale certificate can be cancelled and documents can be restored.
Hello,
Yes the property will be released by the bank once you pay the entire amount.
Move an application before the court for the same after making the entire payment.
Regards
Hi,
After OTS and settlement of loan the bank is bound to release the property docs.
Hello,
As you got the stay , you are in safe side . Bank will release your property papers once you make full outstanding payment.
Regards.
Better discuss with an competent advocate with all relevant documents to get precise advice.
Yes if you settle with bank it will release the same
Dear Client,
OTS should be submit to tribunal if bank do not agree and once OTS worked out. Property fee from mortgage.
If your OTS has been accepted by bank and has received the agreed OTS amount, then you ask the bank to discharge your loan in full and to release the property title documents and other relevant document held in their possession, if not then you may drag them to consumer forum for deficiency in service.
