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DAKAVITA_DATA_BACK-UFAkavitaWi 2016-17\br ciMugust 20161cr dept prevent frauds.docx

Bank of India
Head Office

Branch Circular No. : 110/ <9

Sub-subject : General/
Ref : Credit: VS:16-17:

Credit Department

Sub: Advances(C&IC) / 2016-17 /

Date:

08 .-Zol-CD

CIRCULAR TO ALL BRANCHES / OFFICES

Creation of Mortgage Charge by deposit of title deeds
Compliance of extant quidelines/precautionary measures to prevent frauds
It is observed that frauds in the credit facilities involving mortgage of properties are on
increasing trend. Our Bank's guidelines in this matter are explained in detail in Manual of
Instruction (Advances) and also communicated to the branches through various HO
Branch circulars, Circular letters and other communications from time to time.
We once again reiterate the various guidelines/precautions to be taken while
creating Mortgage in the loan accounts for your ready reference:
a) Original Title deeds/ Sale agreement Registered with Registrar/Sub registrar office
(Not the certified copy/Laminated copy/colour Xerox copy of the title deed) to be
obtained directly from the owner of the property (after doing KYC compliance and
obtention of KYC Documents of owner of the property). The owner of the property
should be verified and identified with the details available in the title deed.
b) Online search of the property proposed to be mortgaged to be done on
CERSAI website.
c) Inspection of the Property proposed to be mortgaged as security to be done by the
Branch officials to ensure that the same is in ownership and possession of the proposed
mortgagor. The photographs of the property should be the part of the inspection report
of the property. The same should be done before going for title search report and
valuation.

d) Letter Addressing to the panel Advocate for doing title search of the
property and the title deeds in original are directly handed over to the Advocates by the
branch. The letter addressed to the sub registrar/Registrar for issuance of Non
encumbrance certificate is also to be issued and handed over to the
advocate for getting the NEC from the Registrar/Sub Registrar office.
Search should be conducted by the concerned Advocate himself.
e) The Title Search Report and the original title deeds are to be collected directly from the
Advocates. Title Search Report to be obtained in Bank's standard format certifying that
the proposed mortgagor/owner is having a clear and marketable title free from any
encumbrances, charges, liens, lis-pendens etc.. Advocate should also certify in his Title
Verification Report that he has received and examined the original title deed/s and verified
its genuineness and compared it with the corresponding records/title documents kept in
the concerned office of the Registrar/Sub-Registrar and that both are tallying with each
other and are genuine and adequately stamped. In no case the Advocate should submit
his Report based on the Xerox Copy or Certified Copy of the Original Title Deeds.

art
(
1% \v't 7;1
'1/0Credit

D.:1; t.

After getting the Title Search Report and the original Title deeds from the advocate, the
rigi nal title deeds should not be parted with the owner/borrowing entity or any one. The

same should be kept in possession of the Branch in safe custody. At the time of
recording the oral assent the same should be given to the owner of the property for
creating mortgage by deposit of the Title Deeds and oral assent shall be recorded as
per procedure in vogue.

g) Receipts issued by Sub-Registrar's office for verification of title and issuance of non
encumbrance certificate must be kept on record.
h) Letter Addressing to the Panel Valuer/Architect for valuation of property to
be issued. The immovable property proposed to be equitably mortgaged to the Bank
should be valued by an approved architect/valuer. Information regarding the situation of
the property, tenure (freehold or lease), built up area, class of construction, annual
rental value (existing or otherwise of tenants), municipal taxes and other out goings
should be stated along with the value of the property in the Bank's format of valuation
report mentioning all the value of properties i.e. Circle rate, Distress Sale Value, and the
Market Value. Please refer the HO BC 101/29 dated 01.06.2007 on the valuation of
Property.
i) The valuer, while carrying out the valuation of the property must take photographs of
the property valued along with photographs of the adjoining buildings/properties for
easy identification of the property. Such photographs should form part of the report
submitted by the valuer. Valuation report should contain a confirmation of having physically
inspected the right property and show valuation of the property.
j) In case on Valuation or in inspection of property by bank Official or at the time of Title
verification it observed that the property is occupied by Tenants, the Advocate must be
advised to include his comments in the Title Verification report on the Status of
Occupants/tenant vis-a vis Bank's right to enforce the Security.
k) In case of Mortgage of Non Agricultural Land, enforceability of the provisions of the
SARFAESI Act, 2002 against the property without any hindrance should be ensured.
I) Up to date Municipal tax receipt /revenue receipt/Electricity bill/ receipts/ to be obtained.
There should not be any tax, land revenue or other types of arrears/dues on the
property. The owner's name should tally with the title owner.
m)Wherever the immovable properties are coming under co-operative housing societies or
similar bodies or if the unit is being purchased from Developer, the NOC of the
Builder/Society/other body should be obtained prior to creation of mortgage and the
Bank's charge should also be noted with them.
n) Where the property belongs to Industrial Development Corporation such as GIDC, MIDC
etc., and is on lease to the proponents, invariably NOC is obtained and Tripartite
Agreement is entered into. As such, the ownership is established and additional
inspection to confirm the ownership need not be carried out. Moreover, title verification
report for intervening period in case of extension of equitable mortgage for additional
credit limits can also be avoided. Further the present market rate of properties of
MIDC/GIDC etc., is available in websites of the respective Corporations. Branches can
make use of the facilities.
o) Consent/permission of Govt. or other authorities for creation of mortgage to be obtained
in case of Govt allotted lands.

/p/

p) Permission of the lessor in case lease hold property to be mortgaged. In case of

Mortgage of Leased property, Branch to follow the guidelines circulated vide HO BC No
99/149 dated 28.12.2005.
q) Permission for use of land for non agricultural purpose in case of Agriculture land
r)The authority to approve and ensure that whether the Advocate had followed proper
procedure for Title Verification Report relating to the property to be mortgaged and the
report contains all the required details as per procedure of the Bank in force and as per
Bank's Format and to Check the Title Verification Report and Certify that the same meets
completely the requirements of the Bank and contains the required details are vested in
Chief Incumbent of the Branch in cases of branches headed by officials below the rank of
Chief Manager and by Credit-In-Charge of the Branches in cases of Branches headed by
officials of the Rank of Chief Manager and above.
s) 2nd Inspection of the property (from the different officer) after obtention of valuation
report and satisfactory title verification report from the empanelled valuer and
advocate of the Bank. The officer must tally the particulars of the property being
inspected with those provided by the Advocate and the Valuer in their reports. The
details of findings during the visit must be incorporated in the proposal.

t) After compliance of the other sanction terms Mortgage of the property to be done. Title
Search Report, Non-Encumbrance certificate, Payment receipt for payment of issuance
of Non Encumbrance certificate , Link Deeds, Latest revenue receipts, Municipal Tax
receipts, Valuation report, other documents along with the documents suggested by the
Panel Lawyer and the Original title deed/s is to be kept together along with the Oral
assent.
u) Attendance of the mortgagor /s recording their handing over the title deed for securing
the loan to be recorded.
v) In some States Equitable Mortgage is required to be registered and in some other States,
State Government by notification has permitted the parties to register the equitable mortgage
with the respective Registrar/Sub-Registrar of Assurances. Branches in those states should
invariably register all the equitable mortgage created infavour of the Bank.
w) Registration of mortgage charge is to be done with CERSAI and the document
evidencing the charge creation is to be kept on record.
x) Intimation of Equitable mortgage is to be done wherever necessary. Mortgage charge is
to be created with ROC in case of limited companies.
y) In some States, Bank is permitted to mark its Lien/Charge with revenue authorities.
Branches in those states must take advantage of it and mark its Lien/Charge on Revenue
Records in equitable mortgage cases.
z) Non-Encumbrance certificate to be obtained for the intervening period i.e. closest to the
date of creation/Extension of Mortgage.

--OF

. Extra Care to be exercised in case of properties having Multiple Originals of Partition

Deed

a. Multiple originals of partition deed are available In respect of properties having a history
of partition it is necessary to exercise extra care while accepting such portion of the
partitioned property as security for the Bank.
b. It may be noted that while executing partition deed parties generally execute one (original)
partition deed along with counter parts or duplicate deeds on nominal stamp duty and all
the deeds will be registered at the same time. The contents of (original) partition deed and
duplicate or counterpart deed will be same and the respective shares of the parties will be
described therein the deeds. The main deed will be in the possession of one of the
executants and invariably the same will be mentioned in the deed itself. Any party to the
partition deed can mortgage his/her/their property/share in the immovable property that are
specified in the said deed. It is to be ensured that the counter parts also will be registered
deeds and not certified copies.
c. It is preferable to accept only such Partition Deeds where it is specifically mentioned
regarding possession of the original Partition Deed. Mortgage by deposit of duplicate or
Counter Part Deeds of title deeds where possession of original is not recorded is beset with
risk and specific legal opinion should be obtained and enquiry into the possession of the
original deed should be made to the satisfaction of the Branch Advocate and his
confirmation obtained in writing before accepting such security . Please note that no
mortgage should be created on the strength of certified copy of title deeds.
4. Please note that the above guidelines are indicative and not exhaustive.
5. Branches/Zones to follow the extant Guidelines circulated form time to time. Latest
Circular on obtention of Title search report is HO/BC No 110/74 dated 18.07.2016. The
Format of Legal opinion was circulated vide HO BC NO 108/225 dated 24.03.2015.

(SUBH
MODI)
GENERA MANAGER