Furnish certified copy of sale deed
also copy of police complaint filed about loss of originals and Punic notice issued by you
Seeking advice to take loan against misplaced/lost deed
In 1992, I was 5 years, my father purchased a piece home land and made deeds against three persons respectively my father, my mother and I. Latter the deed writer wrote three deeds for registration and handed over two original deeds - One was my father’s deed and another was of my mother. The deed writer misplaced the original deed of mine. Alternatively the deed writer arranged to get a certified copy of the same. Later the land was recorded successfully. In total, there are three deed copies available – two are in original (parents) and one is in certified (mine). In October 2023, I along with my parents applied to LIC Housing Finance for a home loan and I received a loan offer letter from LIC Housing Finance Ltd. in Nov 2023. In this loan application, I am the applicant and my parents are co-applicant. Before final processing including mortgage and other such activities, the finance company is seeking the original land deed of mine which is not available. In this situation what the solution is / What the document will alternatively be used to get loan. Please guide.
Asked 2 years ago in Property Law
Religion: Hindu
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7 Answers
Since the original deed was lost several years ago, and also the certified copy of the original sale deed was obtained immediately, this should be sufficient to prove that the original deed ws lost long ago.
However you can give an indemnity bond indemnifying the fiance company against all possible legal repercussions that may arise in future due to this lapse.
You can talk the financier about it and get it solved or you can look for a different lender.
Missing complaint.
You need to give a police complaint first about the missing original deed and then a notification in a Bengali as well as in an English newspaper about the missing deed giving all the relevant particulars of it. Then obtain a certified copy from the registry and an encumbrance certificate from 1992 till date. If you comply with this procedure, LICHFL may consider your loan application.
- You can lodge a complaint before the local police for the said loss of document.
- Further, you can publish a Public notice in the local newspaper for the loss of that document
- Further, submit the two with the certified copy of the Deed before the said Finance company.
Dear client,
This sounds like a complex situation. Since the original deed of your portion of the land is missing, the certified copy you have should serve as a valid document for most legal and financial transactions, including applying for a home loan. However, some institutions may have specific requirements or preferences regarding original documents, especially for significant transactions like a home loan. Provide a detailed explanation to LIC Housing Finance about the situation regarding the missing original deed and present the certified copy that you have. Explain the circumstances surrounding the loss of the original and highlight that you have a certified copy as an alternative. Some lenders might accept title insurance as an alternative. Title insurance indemnifies lenders against financial loss from defects in title to real property and might serve as a substitute for the missing original deed in some cases. If the finance company remains hesitant, offering additional collateral or personal guarantees might help secure the loan. You can reach out to us for further assistance
Yes it can be used as aforesaid
