Release of title deeds equitably mortgaged in education loan
6 months ago
My father has taken an education loan for my foreign studies in 2008 from the branch in which my father worked as assistant manager. This was returned to bank in full with interest in 2010. During this period (2008), my father was dismissed from the bank due to a bank fraud in his branch. His name was not in any FIR or so.
The title deeds of the house I live in were mortgaged for education loan. They have not been returned.
I was coborrower of the loan with my father. The title deeds mortgaged is in my mothers name.
The title deeds file (which is with bank) has a printed page on its top which says that there was a bank fraud and that this title deed should not be given to my father. We went to the bank but they said that they cannot release title deeds and we should ask this in writing. We fear that bank may usurp our house as if we initiate return of title deeds. I want to get the title deeds back with NOCs and all.
Now I am confused should I give this in writing to bank? Can bank claim our house in the name of fraud today or tomorrow? What are the options for recovering the title deeds from bank?
Submit a formal written request to the bank for the return of the title deeds, clearly stating your concerns and seeking a resolution to the issue. Keep a copy of this request for your records
You may directly approach High Court and get your documents back by simple order from High Court.
When the education loan is repaid, the Bank is dutybound to issue a release letter in respect of the mortgaged property in favour of the borrower. There is prima facie no nexus between the disciplinary action taken against an employee and the education loan availed by the said employee which was already repaid by the borrower. On repayment of the loan, a borrower cannot be made victim for a reason other than default. Moreover, the title of the mortgaged property belongs to your mother. So, being an owner of the mortgaged property, your mother and you being co-borrower should approach the Bank for the release of the said mortgage property. If the bank did not respond to your approach or the response appears to be unsatisfactory, then file an online complaint under the RBI integrated Ombudsman scheme, 2021 for the arbitrary and unfair action of the Bank to the Grievance Cell of RBI in the web link: https://cms.rbi.org.in/cms within 30 days of receipt or non-receipt of response from the Bank. Apart, you need to file a civil suit against the Bank for holding the Deed of Property unauthorisedly and unreasonably before the Civil Court praying for an appropriate order and relief. Get in touch with an Advocate experienced in property matters for guidance and steps.
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