- This topic has 3 replies, 2 voices, and was last updated 1 year, 4 months ago by
.
-
Posts
-
-
UI applied for an education loan at Canara Bank. I’ll be giving my grandparents’ plots (1 in my grandfather’s name and the other in my grandmother’s) as collateral. So the combined value of the 2 plots as per the valuation report will be sanctioned, subject to margin.
Now, these plots are situated in Chikkaballapur in a residential layout which is DTPC approved, has 100% documentation (all the primary ones including layout plans etc) and most importantly has an E-Khata with 9A status under Gram Panchayat.
When these documents were given to the respective lawyer for a legal opinion.. we were asked to submit a set of 10 extra documents as per a list given by him, which requested almost 30 to 50 year old documents of the plot (power of attorney, GPAs, Order by Civil Court and ECs from 20 years.
These documents are not easy to get. We did receive a few after making an appeal to the developer of the layout and still waiting for the rest.Do the banks actually require these documents despite having all the latest ECs, tax-paid receipts, sale deed, Katha and other supporting documents??
The lawyer says everything is perfect but since it’s for the bank, he has to adhere certain guidelines given by them to approve and submit for valuation.
-
U**Not legal advice or opinion:** Yes, collateral- like owner certification, if it is a gift, then that gift deed, sale deed, or will deed, authorized certificate from a dept, tax receipts if paid, 30 yrs some chain of documents of something and more are needed. I also took collateral loan from SBI with wemakescholars help and wms people informed before hand about the docs and all. Try speaking with them.
-
UOhh okay, thank you so much for the information. In that case, I’ll just wait for the remaining documents to come and then proceed!
-
-
-
