Yes, very important to inform sub-registrar that a bank loan is cleared
Let me give the reason with example:
I took Rs. 42,00,000 home loan from State Bank of India on 27th June 2016, we registered the loan in the sub-registrar office.
Once the loan is registered in the sub-registrar office, the bank name reflects in column number 6 of an encumbrance certificate (EC), which means the bank claims ownership of the property
As per the below EC, we highlighted the bank name in column number 6
On 12th July 2023, I repaid my home loan and obtained NOC ( & discharge deed) from the bank. I showed the NOC in the sub-registrar’s office and registered the discharge deed.
Once I registered the discharge deed, I claimed back ownership of the property from the bank. Refer to my name in column number 6 of below encumbrance certificate
- To remove the mortgage lien registered in the sub-registrar office, we should inform the sub-registrar office once the loan is repaid.
- Few private banks and lenders don’t register loans in the sub-registrar office; they just collect the title documents and hand back the document once the loan is repaid. We do not need to inform the sub-registrar’s office if the loan is not registered.
We provide assistance to remove the mortgage lien registered in the sub-registrar’s office. To opt for our service, please write to us pgnproperties@gmail.com or WhatsApp to + 9 1 – 97424 79020.
Thank you for reading…