Equitable Mortgage Pending on Home Loans sanctioned to society members

The following letter we have received from SBI regarding our ongoing home loan. We refer to the various communications /discussions had with the committee members on several occasions in regard to the creation of mortgage on Home loans and we note with dissent that the formalities to be completed for creation of a valid mortgage in favour of SBl is still pending at your end. Further we refer to your recent letter dated gth December 2024 with regard to the partial disbursement to your members who have availed of home loans from our Bank without creation of Mortgage, we have sought an opinion from our law department and have to advise as under: a) Fresh "Agreement to Mortgage' to be executed with payment of full stamp Duty of 0.30% of the loan amount and registration of the same with the Sub Registrar's Office. b) Final Allotment letter to the Allotee of the flat alongwith their respective Share Certificate to be submitted for creation of a valid Registered Mortgage in favour of the Bank and as per the procedure required for completion of the mortgage. c) Registered Mortgage will be executed in the Sub Registrar's Office where every borrower alongwith the Bank official will be present. d) Subsequently "Agreement to Sale" has to be executed and registered for each flat against which home loan is sanctioned and duly Registered with the Sub Registrar's Office. e) A fresh Tripartite Agreement to be executed on a stamp paper of Rs.500/-. We have accepted your request for disbursement of Rs2.88 lakh however, we once again reiterate that no further disbursements will be made by us unless and until the above formalities in point a, b and c are completed within 30 days from receipt of this letter. Please refer to the above and advise if we need to do the final allotment of the flats to individual members of the same can be done without the allotment?