What is the exact procedure to convey bank about possession of flat ?

POSTED BY Prashant Cool ON October 18, 2013 5:54 pm COMMENTS (9)

Hi,

What is the exact procedure to convey bank about possession of flat ? What documents will they ask for ? How will I know how many EMIs are balance now in the home loan ?

Thanks 
Regards,

Prashant

9 replies on this article “What is the exact procedure to convey bank about possession of flat ?”

  1. Prashant Cool says:

    Dear Ashal,

    Thanks for your reply.

    Yes. I googled it and found some useful information.

    Sharing it for others use.

    http://integrafinserve.in/2013/05/03/registration-maharashtra-amendment-act-2010-has-come-into-force-from-1st-april-2013/

    I will visit SBI RACPC and find out how much of my bank balance will get reduced because of this … 🙂

    Buying a flat is really a terrible time consuming process … specifically if it is under-construction flat … you need to break your head with builder, bank & changing rules …. 🙁

    Thanks for forums like JAGO INVESTOR for sharing so much information to improve our knowledge …

  2. ashalanshu says:

    Dear Prashant, please google a bit to know Mort. charges in Maharashtra. Yes it’s mandatory as per SBI policy for loans. The original stamp duty was meant for registration of your sell deed. This stamp duty is meant for registration of Mortgage deed. Now onwards there ‘ll not be any more stamp duty. Relax. 🙂

    Thanks

    Ashal

  3. Prashant Cool says:

    Thanks Ashal,

    If possible, may I know the charges in Maharashtra for mortgage registration ?

    Is it mandatory to it immediately after possession ? Can I ask bank to wait for it ?

    I am a little bit confused as to how many times I have to pay Stamp Duty to Govt.

    I have already paid it 2 times first for Agreement with Builder then for Sale Deed.
    Now, I don’t know whether again I have to pay stamp duty for mortgage registration.

    That is why wanted to know exact all charges payable for Mortgage Registration.

  4. ashalanshu says:

    Dear Prashant, the mortg. charges are to be paid by you and it ‘ll go to your state govt. For exact charges, please check the same in your state. For EMI, you can track of deduction from the bank account where you mandated EMI ECS. You can also check EMI credit into your Max Gain account through netbanking. there ‘ll be no change in EMI post disbursal.

    Thanks

    Ashal

  5. ashalanshu says:

    Dear Prashant, Mortgage registration is different than Possestion letter. In Mortgage registration, you need to register the rights of the bank against your loan on your property. So in case you want to sell the property, the registrar ‘ll ask for bank’s NOC at that time. Hence through mortgage registration bank is protecting it’s rights on your property.

    The Possestion letter and OC given by your builder is meant for building completion and handed over to you. You can demand Transaction rights now on your Max Gain on the basis of this PL and OC.

    Thanks

    Ashal

    1. Prashant Cool says:

      Dear Ashal,

      Thanks for the reply.

      Whether this Mortgage registration is mandatory to all SBI MaxGain customers ?

      What will be the charges for doing this registration and who has to pay those charges ??

      I had requested the bank to start EMI in the beginning itself by giving a declaration that I trust the builder and EMI can be started from the 1st month itself. How will I know that EMI was already started and whether there will be any difference now after taking possession ?

    2. Siddharth says:

      Hello Ashal,

      I have been asked by SBI RACPC noida to bring 10,000/- stamp duty along with offer of possession, blank check, receipts and application to obtain NOC from SBI. I went thru your comment on mortgage registration and I think now that I have to pay this. But can you please explain me why buyer has to pay this duty? I also asked my colleagues who have taken Home loan from HDFC , AXIS & Central Bank of India etc and they said that they didn’t have to pay any stamp duty for NOC. Is SBI only bank who asks for stamp duty?

      Thanking you in advance.

      Siddharth Tamang

  6. Prashant Cool says:

    Dear Ashal,

    Thanks for your reply and sorry for my delay.

    The guy at RACPC who is attending call is saying that I have to something related to mortgage of flat by going to registrar etc. He is also not knowing what exactly is that and asked me to meet appropriate person at RACPC.

    I was just wondering what else can be required by bank apart from the possession letter and OC provided by PMC ? Any idea about what is this mortgage document needed to be registered or so ?

  7. ashalanshu says:

    Dear Prashant, your builder/developer ‘ll issue a possession letter as well as BU permission from the local civiv authorities. Provide the copy of these 2 to your bank as proof of possession.

    Thanks

    Ashal

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