Property Mortgage

POSTED BY Sachin Pandey ON January 19, 2013 4:21 pm COMMENTS (3)

Hi Everyone,

I am new to Jago Investor, ihad a query if any of you canhelp me understand it i’ll be really thankful to him.

Actually i took a housing loan from LICHFL of 16 Lakhs INR for 20 years to purchase a constructed house, and i have few questions regarding same:

1).the agent who has processed my loan intially handed me over a LIC policy Jeevan Mitra triple endowment saying that it is compulsory and i have to take it that too only from LIC but later after going through Jago Investor i found that it is not at all compulsory we can take a life cover from any outer policy provider as well, so within 15 days lookup period i asked this agent to surrender this policy and  i raised a complaint as well in LIC website for the same policy but still the requestisnot settled andi got a mail from branch manager mentioning that ti is a good plan and good to continue so what should i do a similar policy ialready hold from DLF PrAmrica called Assured Money+ which has high risk cover then this one.

2).A few days later agent is saying that i have to do property mortgage in registrar office for this home, so i want to know if my property documents are already with LICHFL and according to my understanding loan was given to individual based on estimating the property value and lending the loan which is nothing but mortgage.So do i still need to gothrough this procedure.


Please help me out.



3 replies on this article “Property Mortgage”

  1. Sachin Pandey says:

    Hi ashal,

    Thanks a lot for your reply yes i communicated well in advance to both LIC agent and also registered a complaint on LIC website under look up period itself.
    Regarding motgage yes it is informative thanks for your reply.


    1. Dear Sachin, to surrender you need not to inform your agent. Simply visit the issuing branch with your policy bond, fill the surrender form & hand it over to your branch staff & do not forget to take receipt of the same.

      In your case, you have not done that so practically, your policy is not in free look period & now you w’d have to bear the loss of first prem..



  2. Dear Sachin, had you applied for surrender of your policy in written or not during free look period? It seems your free look period is now over & you w’d have to bear the loss of first prem. paid. Please surrender immediately if you do have some days left in free look period.

    Regarding mortgage, yes in some states compulsory to mortgage the property. Actually mortgage is an official thing under which, in govt. records, your property ‘lll be notified as on loan from LICHFC & till the time LICHFC ‘ll not issue NOC for this loan (after the loan is fully paid), you can not sell your own property. Interestingly it’s also helpful in a sense that nobody can do a forgery to sell your property in your absence or without your information.



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