Your Hous­ing Prob­lems & So­lu­tions

The Free Press Journal - - MUMBAI/STATE -

Share Cer­tifi­cate for

Loan

Q: What is the pro­ce­dure of in­cor­po­rat­ing in the orig­i­nal share cer­tifi­cate, the name of the flat owner who pur­chased the flat re­cently in re­sale, by ob­tain­ing home loan from a Bank? As you must be aware the orig­i­nal share cer­tifi­cate is de­posited with the Bank right at the time of loan dis­burse­ment and it re­mains in its cus­tody till full and fi­nal re­pay­ment of the home loan. Also the ad­di­tion of the flat owner's name to the so­ci­ety hap­pens at a much later date. Af­ter that hap­pens, what is the pro­ce­dure for the above men­tioned pur­pose?

Is a re­quest let­ter on the so­ci­ety's let­ter­head and signed by the sec­re­tary re­quired to be sub­mit­ted to the bank, for pro­vid­ing the share cer­tifi­cate to the so­ci­ety for a tem­po­rary du­ra­tion, for in­clud­ing the name of the new flat owner in it?

My home loan bank is de­mand­ing such a let­ter while our so­ci­ety says it can­not is­sue any such a let­ter, claim­ing it is the mat­ter be­tween me and the bank and that I should send such a re­quest let­ter my­self to the bank to make the share cer­tifi­cate tem­po­rar­ily avail­able to the so­ci­ety. Please ad­vise what is the legally valid

process. A: Your CHS's Of­fice bear­ers should go to Bank's loan depart­ment with CHS's rec­tan­gu­lar seal and round seal, trans­fer the said share cer­tifi­cate in the bank's cus­tody, and take bank cer­ti­fied copy of such a trans­ferred cer­tifi­cate for CHS's record, with a bank's let­ter stat­ing that such CHS's share cer­tifi­cate is in the cus­tody of Bank's loan depart­ment, for home loan given to such a per­son. To and fro trans­port charges from bank to CHS, by sig­na­to­ries on the share cer­tifi­cate has to be borne by the So­ci­ety's flat lodger, who has mort­gaged said share cer­tifi­cate to that Bank.

Share Trans­fer

Q: My father was owner of our flat. Af­ter his death, the so­ci­ety trans­ferred own­er­ship of the flat to my mother and is­sued share cer­tifi­cate in her

name. My mother then ex­e­cuted reg­is­tered gift deed in my favour. How­ever, the so­ci­ety is re­fus­ing to trans­fer the said flat in my name. Kindly guide on how I should pro­ceed.

A: Please pre­pare a file with the fol­low­ing pa­pers:

(1) Form of Ap­pli­ca­tion for the Mem­ber­ship of yours, as in Ap­pen­dix-2. (re­fer to the CHS Byelaws Book of the year, 2014)

(2) Un­der­tak­ing on Rs 200 Non-Ju­di­cial Stamp Pa­per by you, as given in form of Ap­pen­dix-3. (3)If you are not hav­ing an in­de­pen­dent source of in­come, then by a rel­a­tive from your fam­ily, will give an un­der­tak­ing on Rs 200 Non-Ju­di­cial Stamp Pa­per, as given in the form of Ap­pen­dix-4. (4) Photo copy of your Gift Deed and cer­ti­fied copy (by Sub-Reg­is­trar) of its In­dex-2.

(5) Orig­i­nal Share Cer­tifi­cate of the

flat.

(6) Rs 100 en­trance fee by Crossed

Cheque in the name of the CHS. (7) Rs 500 Trans­fer fee by Crossed

Cheque in the name of the CHS. (8) A cov­er­ing let­ter, ad­dressed to the Sec­re­tary/Chair­man of the CHS giv­ing the de­scrip­tion above doc­u­ments and a re­quest to change the name of the flat in your name on the share cer­tifi­cate of the CHS.

Take photo copies of the doc­u­ments (1) to (8), and put them in the same or­der, as you put them in the main file, as di­rected in fol­low­ing para.Punch doc­u­ments (1) to (4), and put them in the file in the same or­der.Put (5) to (7) in a punched trans­par­ent plas­tic folder, and put this folder above these doc­u­ments. Put cov­er­ing let­ter (8), above all the doc­u­ments.Give this file to the so­ci­ety's Of­fice bearer, and take CHS's stamp and Of­fice bearer's sig­na­ture on cov­er­ing let­ter's pho­to­copy in your file.Wait for 15 days, and give a re­minder let­ter to your CHS, af­ter 15 days, stat­ing that if share cer­tifi­cate is not trans­ferred in your name within 15 days of re­minder let­ter, then un­der Bye-law No. 174(A)(iii) you will make com­plaint to Deputy Reg­is­trar of CHS. Even if your CHS is not ac­cept­ing your file, then with pho­to­copies of all the doc­u­ments in the file meant for your CHS, make a com­plaint to Deputy Reg­is­trar of CHS, ask­ing him to di­rect your CHS to ac­cept the file and trans­fer the share cer­tifi­cate in your name.If you find still dif­fi­cul­ties, then come to Moneylife Foun­da­tion of­fice on Tues­day, be­tween 4pm and 6pm, af­ter you fix your ap­point­ment for a free of charge guid­ance by an ex­pert, on Tel 022 4920 5000, also on Tues­day, 11am to 3pm.

An­swers pro­vided by ex­perts of Moneylife Foun­da­tion. Send your queries re­gard­ing ‘hous­ing woes’ to [email protected] You can also visit https://www.moneylife.in/lrc

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