Clearing a property bank loan is one of a milestone is one's life and a satisfying moment . After settling all the loan specific principal and interest amounts , the next major activity is to get a No objection letter and Discharge deed from Bank , collect the original documents and transfer the property back to the purchaser from Bank and register it at sub-registrar office. One such procedure is explained here which is followed in Bengaluru Sub-Registrar offices.
Step 1 : At the Bank , Collect No Objection letter and Discharge deed from Bank , Property documents
- After settling all dues , collect a No-Objection letter from Bank
- A discharge deed indicating to release the mortgagee deed executed earlier
- All property documents which were under bank custody
Step 2 : Collect info if Bank representative will visit the Sub-Registrar
- Collect information from Bank loan department , if their representative will visit the Sub-Registrar office to execute the Discharge deed and as witness
- Some Banks issue a authorization letter on their letter head , stating as per Registration Rule column 88(1) , they are exempted to visit in person at the sub-registrar office and the property owner can just present it to the sub-registrar
- Usually such authorization letters are accepted for Nationalized and Co-operative Banks. For Non-Banking Financial centers (NBFC) , physical presence of the representative is mandatory
Step 3 : Keep the document set ready before visiting Sub-Registrar office
- Aadhaar card copy of the property owner
- Two witnesses to accompany the owner
- A copy of the property Khata or E-khata
- A copy of the property recent Tax paid receipt will be handy
- Discharge deed issued by Bank
- Authorization letter from the Bank as applicable
Step 4 : At the sub-registrar office
- Visit the first division officer and collect details about the charges for registration , they will provide details on the charges involved for Registration , Document Scanning charges and stamp duty.
- Generate a K-challan at the office or online by remitting the above charges and get a Challan . Usually this is valid for a week and may vary from one place to other. Its preferred to get it done via professionals at the office as they are well versed with the form details.
- At the document registration counter , submit the documents along with challan who shall create a document summary report , take photo and thumb impression of the parties
- Review the details entered in the summary report and present it to the sub-registrar officer in charge who reviews the document and approves for stamping/franking
- Present the documents at the Stamping / Franking counter who review the approval and frank/stamp all documents which is then attested by the sub-registrar on all pages of the document
- Sign the documents at specific spots along with the witnesses
- Finally the document is scanned and a receipt is generated. Collect this receipt. Sub-registrar will collect the authorization letter of bank and in some cases a copy of Khatha for reference and office use.
- A SMS is also received on successful registration of document at sub-registrar centers in Bengaluru
- Before leaving the sub-registrar office , ensure to have collected all original franked documents registered.
As on date , charges for a discharge deed registration in Bengaluru costs
- For stamp duty - Rs.200
- For Registration fee - Rs. 200
- For documents scanning and upload fee - Rs.300
If executors are comfortable with above procedure they may attempt it themselves else hire a broker to get the job done.
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