Bank not issuing Home loan DD without original copy of agreement copy ?

POSTED BY mangeshpai ON June 25, 2014 5:57 pm ONE COMMENT

My loan has been sanctioned and the DD for the amount is ready with sbi. I was called to submit the final documents to the Bank when we noticed that the agreement copy of the first buyer was not original. The seller has handed over a true copy which bank refuses to take. Seller does not have the copy as well.

Bank has taken a stand that unless the original copy is submitted they will not handover the DD to seller.

My question is why was this not informed to us earlier when Search report was taken.

What is the way out of here. If  I cancell the loan I end up losing charges paid for processing, Mortgage, etc.

Pl suggest.

Mangesh

One reply on this article “Bank not issuing Home loan DD without original copy of agreement copy ?”

  1. Syamantak says:

    Why don’t you talk to the seller so that he can get you the original copy of sale agreement? Certified true copy is nothing but a ‘copy’. Bank’s stand is right on its ground. There is a chance that the original copy has been mortgaged to another bank for a loan. Also if you default on the repayment, the bank can not sell the property on the basis of the true copy. Why would the bank risk on their money 🙂

    Please talk to your seller (the first buyer) since the seller has no right to possess the original sale agreement once the property is sold off

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