I am working as a valuer in a city of Haryana for the almost 12 years.
till now i have noticed that the properties with equitable mortgage titles are not noted anywhere in the local revenue offices. the loan applicant simply gives his sale deed to the bank and the bank keeps that document in the applicant's records. that is it.
considering the case that the applicant wants to change his bank and the second bank asks him to provide a NEC. the applicant takes the xerox of his sale deed and his NEC is prepared. LSR can be prepared with xerox copies but i wonder how can an advocate give a NEC when there is no mention of the property being pledged with any bank in the revenue records?
i am not figuring out fault on part of advocates but i suggest that the banks should get the sale deeds marked in the revenue offices to avoid frauds. no doubt it will mean much more loads on already overworked revenue and treasury offices but ultimately, it will reduce the NPA accounts.
