I presume you might have geographical or time constraints to collect documents from bank. In such situations, You can give Power of Attorney to a trusted source to collect documents from Bank.
Below is the step-by-step procedure to collect documents through Power of Attorney:
Step 1: Once the full and final settlement of home loan is paid, write an email to branch where the loan was sanctioned. In email, mention your loan account number and your intent to collect back title documents through power of attorney. the bank will provide power of attorney template and appointment to collect the documents.
Bank will specify the date, time, and location to collect the documents in email. We usually get an appointment within 15 working days from today
Step 2: Prepare the General Power of Attorney (GPA) draft in word file. The draft looks like below
If you are living in abroad, follow below procedure to make GPA:
- Print the GPA draft on A4 size paper
- Affix your passport size photo
- Meet notary public near you in your country
- Applicant sign the GPA on all pages + Two witnesses sign at last page + notary seal & attest the GPA
- Courier the notary-attested GPA and self-attested passport copy to GPA holder in India.
- GPA holder affix passport-size photo + sign the GPA at last page
- GPA holder adjudicates the GPA in District registrar’s office. Adjudication should be done in the jurisdiction where the property is located in India.
If you are living In India, follow below procedure to make GPA:
- Print the GPA draft Rs. 500 non-judicial stamp paper
- Get the notary attention from notary public in your jurisdiction
- Courier or hand over the GPA and self-attested aadhaar to your GPA holder
Step 3: On the appointment day, the GPA holder carries the following documents to bank
- General Power of Attorney (GPA)
- Applicant’s self-atested ID Proof (Passport or Aadhar copy)
- GPA holder self-attested aadhar
And one set of photocopy of above documents
Step 4: The Bank verifies the documents listed in Step 3 and takes the photocopy
Bank hand over the following documents to GPA holder
- No objection certificate (NOC) on Bank’s letterhead
- Discharge Deed / Reconveyance Deed / Release Deed
- Title documents that include your registered sale deed (Bank will return all the documents that were collected from you at the time of MODT registration)
Step 5: The Reconvenance Deed registration is the process of removing the mortgage lien registered in sub-sregistrar office. The GPA holder must submit an application in sub-registrar office to remove home loan in sub-registrar record. The GPA holder must have following documents to submit an application
- General Power of Attorney (GPA)
- No objection certificate issued by bank
- Discharge / Reconveyance / Release deed issued by bank
- GPA Holder’s aadhaar
Step 6: The sub-registrar office approves the application within 2-3 working days, pay the government fee (stamp duty and registration fee) and book the slot for registration
In the below example, the property is jointly owned by husband and wife. Wife gave GPA to her husband to collect documents from Bank and register reconveyance deed in sub-registrar office. Refer to below images
After the Reconvenance Deed registration, Check the Encumbrance certificate (EC) to ascertain the removal of mortgage lien registered in sub-registrar office.
For Example:
On 20th Nov 2010, we registered MODT with SBI, the bank details reflect in Column 6 of below EC, encircled in below image for your reference
On 21st Sep 2022, we registered the Reconveyance Deed, the owner details reflect in Column 6 of below EC, encircled in below image for your reference
Coloum 6 was replaced from bank name to owner’s name in EC. It means that mortgage lien is removed in sub-registrar office
NOTE:
- When you collect the Reconveyance deed from bank, it’s important to check following info in deed
- Applicant name
- GPA Holder Name
- Loan Account Number
- Property Schedule
- Bank’s authorized seal & sign
- We should register the Reconveyance within 90 days from the day we collect documents from bank or we can approach bank again to rewrite current date, bank’s seals & signs beside the corrections
- Bank’s representative presence is not required to register the reconveyance deed
In Bangalore, we provide end-to-end assistance to execute General Power of Attorney + collect documents from bank + Register Reconveyance deed + Documents home delivered.
To opt for our service, please write to us pgnproperties@gmail.com or Whatsapp to + 9 1 – 97424 79020.
Thank you for reading…