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    Sop On Rlease of Property Documents of Immoveable Property in Case of Deceased Constituents

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    Sop On Rlease of Property Documents of Immoveable Property in Case of Deceased Constituents

    Uploaded by

    zanvarbhattad
    3 views6 pages
    Aa

    Original Title

    SOP ON RLEASE OF PROPERTY DOCUMENTS OF IMMOVEABLE PROPERTY IN CASE OF DECEASED CONSTITUENTS

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    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    3 views6 pages

    Sop On Rlease of Property Documents of Immoveable Property in Case of Deceased Constituents

    Uploaded by

    zanvarbhattad
    Aa

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 6

    EDUCATION LOAN

    PROCEDURE FOR RETURN OF PROPERTY DOCUMENTS TO THE LEGAL HEIRS IN


    CASE OF CONTINGENT EVENT OF DEMISE OF THE BORROWER:

    Procedures to address the contingent event of demise of the sole borrower or joint
    borrower/s for return of property documents to the legal heirs:

    a) The persons who are entitled to claim the Title Deeds of a deceased borrower are his/her
    heirs depending on the Law (Personal Laws) by which the deceased borrower is governed.

    b) Bank will not insist on legal representation from the legal heirs for delivery of Title
    Documents, except when there are disputes amongst the legal heirs or/and all of them do
    not join in indemnifying the Bank and where Bank has reasonable doubt about genuineness
    of the claimant(s) being the only legal heir(s) of the deceased borrower.

    c) A request letter from the legal heirs of the deceased borrower(s) along with KYC
    documents for return of the title documents along with Death Certificate of the deceased
    borrower(s) is to be obtained. (Annexure-I).

    d) An Affidavit-cum-indemnity executed by all the legal heirs of the deceased borrower(s)


    before a Notary Public on Non-Judicial Stamp paper is to be obtained at the time of delivery
    of the title deeds. (Annexure-II).

    e) Where there are more than one heir and delivery of the documents is to be made to a
    lesser number, a stamped letter of disclaimer will be executed by all the remaining heirs.
    This should also be attested by a Notary Public. This is in case of only class I heirs (Son,
    daughter, widow, mother, son/daughter of a predeceased son/daughter. Son/daughter of a
    predeceased son of a predeceased son, or widow of a predeceased son of a predeceased
    son). (Annexure-III).

    f) A receipt executed by all the legal heirs and live borrower/s (if any) is to be obtained in
    respect of delivery of title deeds. (Annexure-IV).

    g) The Legal Heir Certificate issued by competent authority/court is to be obtained, wherever


    available. The Legal Heirs who have obtained Legal Heir Certificate issued by Competent
    Court will submit the Legal Heir Certificate, KYC Documents along with covering letter
    (Annexure -V) for return of the title deeds.

    1
    Annexure-I

    REQUEST LETTER FROM THE LEGAL HEIRS OF A DECEASED BORROWER


    FOR RELEASE/ RETURN OF THE TITLE DEEDS

    To,
    STATE BANK OF INDIA,
    (Name of CPC).

    Sir,

    RELEASE/RETURN OF TITLE DEEDS DEPOSITED BY


    LATE SHRI/SMT AS SECURITY

    Shri/Smt. …………………………..s/o w/o…………….. deposited the title deeds


    relating to his property as security for the due repayment of the advances sanctioned
    by the Bank.

    Shri/Smt……. expired on leaving behind me/us as his legal HEIR. The loan account
    for which the title deeds were deposited by Late Shri/Smt. has since been closed. In
    the circumstances, l/We request you to release the title deeds in my/our favour.

    In this connection, l/We confirm and assure you that we are the only legal heir of the
    deceased and there are no other person or persons who are entitled to seek
    release/return of the title deeds.

    SIGNATURE OF THE CLAIMANT/S

    I/We further agree to indemnify you in the event of any loss or damage which may be
    caused to you by reason of releasing the title deeds to me/us.

    Yours faithfully,

    1.
    2.
    3. etc.
    SIGNATURES OF THE LEGAL HEIRS
    Place:
    Date :

    2
    Annexure-II
    AFFIDAVIT-CUM-INDEMNITY TO BE EXECUTED BY ALL THE LEGAL HEIRS OF A
    DECEASED BORROWER FOR RELEASE/RETURN OF TITLE DEEDS

    Affidavit-Cum-Indemnity
    (To be stamped as per the Stamp Act applicable to the State)
    To,

    STATE BANK OF INDIA,


    …………………………..(Name of CPC)

    I/We (1)
    s/o , aged
    years, residing at

    (2) s/o , aged


    years, residing at

    (3) s/o , aged

    years, residing at etc do hereby


    solemnly affirm as follows:
    Shri/Smt. s/o
    had

    deposited the title deeds relating to his/her property as security for the due repayment of the
    loans sanctioned by the Bank.
    Shri/Smt. died intestate leaving behind me/us as the only
    heir/s entitled to claim the return/release of the title deeds deposited with the Bank.
    The loan account for which the title deeds were deposited by late Shri

    has since been closed.


    I/We have approached you with a request to release/return the tide deeds deposited by late
    Shri
    in my/our favour.
    I/We hereby declare that there are no other heirs entitled to claim release/return of the title
    deeds except us.
    I/We further declare that you will not be put to any loss or damage by reason of
    returning/releasing the title deeds in
    my/our favour.
    I/We hereby agree to indemnify and always keep you indemnified as against all losses,
    damages, costs or other charges which may be incurred by the Bank by reason or in
    consequence of releasing/returning the title deeds in my/our favour on the strength of these
    representations.

    Solemnly sworn and signed before me on this the day of 20

    In the presence of (1)


    (2)
    (3) etc
    (DEPONENTS)
    (NOTARY PUBLIC)
    3
    ANNEXURE – III
    LETTER OF DISCLAIMER
    [To be duly stamped as per the Stamp Act Applicable to the State]

    To The Branch Manager / Chief Manager / Asst. General Manager


    State Bank of India

    Dear Sir,

    Education Loan Account No.


    In the name of Shri / Smt. /
    Kum

    Closed on date)

    With reference to the above account(s), I/We the following legal heirs of late Shri /
    Smt. Kum. (Name of the deceased account holder)
    have to advise that we have no objection to your delivery of Title Documents
    mortgaged on account of the above account(s) with you in the name of the aforesaid
    Shri/Smt (Name of the deceased account holder) to Shri /
    Smt /Kum.

    1.
    2.
    3.

    Such delivery of the Title documents of the property in the above account(s) would
    be completely binding on us and we will not question the Bank’s action in so doing in
    any proceedings. I/We also undertake to the bind ourselves, our heirs and legal
    representatives not to revoke the declaration made herein.

    Sl. No. Name(s) of the Claimants Age Signature


    1.
    2.
    3.
    4.
    5.

    Signed before me
    This the ………day of……20

    Notary Public/ Magistrate

    4
    Annexure-IV

    FORM OF RECEIPT TO BE OBTAINED FROM THE LEGAL HEIRS OF A


    DECEASED BORROWER WHILE DELIVERING THE TITLE DEEDS

    RECEIPT

    Received from STATE BANK OF INDIA, BRANCH


    in complete order the following title deeds deposited by late Shri/Smt.
    as security for Loan Account No. ,
    which has since been closed.

    Sl. No Description of the documents


    1.
    2.
    3.
    4.
    5. etc.

    SIGNATURE OF THE LEGAL HEIRS


    OF THE DECEASED

    Place:
    Date:

    5
    Annexure-V

    REQUEST LETTER FROM THE LEGAL HEIRS CERTIFICATE HOLDERS OF A


    DECEASED BORROWER FOR RELEASE/ RETURN OF THE TITLE DEEDS

    To,
    STATE BANK OF INDIA,
    (Name of CPC).

    Sir,

    RELEASE/RETURN OF TITLE DEEDS DEPOSITED BY


    LATE SHRI/SMT AS SECURITY

    Shri/Smt. …………………………..s/o w/o…………….. deposited the title deeds


    relating to his property as security for the due repayment of the advances sanctioned
    by the Bank.

    Shri/Smt……. expired on leaving behind me/us as his legal HEIR. The loan account
    for which the title deeds were deposited by Late Shri/Smt. has since been closed. In
    the circumstances, l/We request you to release the title deeds in my/our favour.

    In this connection, l/We are the only legal heir of the deceased and there are no other
    person or persons who are entitled to seek release/return of the title deeds. In this
    regard we are submitting Legal Heir Certificate ........... issued by Competent Court.

    Yours faithfully,

    1.
    2.
    3. etc.
    SIGNATURES OF THE LEGAL HEIRS
    Place:
    Date :

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