Can you get a house mortgage within the absence of letter of allotment?

The landlord of the home that I’m prepared to purchase has misplaced the unique letter of allotment. Although, the proprietor  obtained a licensed true copy (CTC) after lodging an e-FIR and  submitting an indemnity bond. But the financial institution is unwilling to present a mortgage primarily based on the CTC letter of allotment for worry of misuse of the lacking authentic letter of allotment. What can I do on this regard?

— Name withheld on request

Based on the restricted info supplied to us, we assume that by the owner, you imply the proprietor of the flat, whose title doc i.e., the unique letter of allotment, by advantage of which the home was allotted to or bought by him is misplaced.

In the moment case, over and above submitting e-FIR and indemnity bond, you might examine with the involved financial institution whether it is prepared to sanction the mortgage, if the proprietor of the flat publishes a public discover informing the general public concerning the lack of the letter of allotment (CTC copy of which is accessible) and alluring claims/ objections in respect of the switch of the home, within the day by day native newspapers in English and the native language the place the flat is located and no response pursuant to the publication of the discover is obtained inside the prescribed interval, as talked about within the public discover. 

Normally, the interval is anyplace between 7-21 days relying on the information of the case. Additionally, although not strictly relevant to the information of the current case, in case the proprietor of the flat has been in steady and uninterrupted possession of the flat for a interval of 12 years or extra, then, certainly, this may add worth to the proprietor’s title. 

However, you might be aware that totally different banks have totally different norms to grant a mortgage and in case a selected financial institution could not grant a mortgage, one other financial institution could also be prepared to grant a mortgage for a similar flat primarily based by itself evaluation of the paperwork and prescribed necessities. 

Aradhana Bhansali is companion, Rajani Associates.

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