How can I demortgage my property legally?
Is Essel Finance closed, and how can I get my property demortgaged?
The operations of Essel Finance Business Loans Limited permanently ceased after the company completed its restructuring process together with the sale of its entire lending portfolio; however, this development did not affect the legal rights that borrowers maintain. Section 60 of the Transfer of Property Act 1882 enables you to reclaim your mortgaged property after you complete your loan repayment together with the authorized fees. The original title deeds must be returned to the lender or their successor, who must also provide a NOC and release deed that requires registration according to Section 17 of the Registration Act 1908. A civil suit for redemption and title deed recovery becomes necessary when parties involved in the case refuse to provide documents.
Essel Finance is not closed but may have reduced operations. To demortgage your property, ensure the loan is fully repaid and request a No Objection Certificate (NOC) from them. Submit the NOC, loan closure letter, and other documents at the Sub Registrar Office, pay applicable fees, and get the mortgage officially released in government records. For further legal assistance contact us on our helpline number.
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