House and land mortgage
While getting a loan, it is customary to mortgage the house and land with the bank.

It is not enough to settle the loan, but the mortgage bond must also be properly redeemed.

House and land mortgage
My father had mortgaged our land in the bank for the loan he had taken but he did not redeem the mortgage bond securing the loan.

When he went to the bank for another job, an acquaintance in the bank said, 'Dad has settled the loan but has not redeemed the bond. Get it' he said.

It was only then that the information came to be known that the bond had to be obtained separately.

That is, I thought that if the loan is settled, the bond will be given immediately, but no. Image Credit

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The mortgage bond should be redeemed by giving a formal letter to the bank manager stating that the loan has been settled.

As father passed away, all the family members went and signed the inheritance and father's death certificate on his behalf.

Even if you buy a bond, you have to file a foreclosure application at the bond office to confirm that the mortgage is redeemed.

By doing this, when the land is sold at a later date, the buyers put 'villangam' on it, and the land/house is shown to be in debt, causing problems.

Mortgage deed
A mortgage bond should be purchased along with the loan.
If there is no relevant person, then if the family member does not sign, it will become a problem later.
If we are selling the land/house for an urgent need, if there is 'vilangam' waiting for the end time, unnecessary problems will arise.
If there is a lien, it means that the land is mortgaged (even if the loan is secured). The buyer may assume that there is a problem.If the family doesn't make a problem, you can write it down and get it. If there is a problem, there may be delays in selling the property and disputes.
So, don't be assaulted as if you have settled the debt. If there is a mortgage, then there are two main tasks.

Deeds Registry Office
Write a letter to the bank and recover the bond.
In the Deeds Registration Office, the 'Villanka' details on the place saying 'We have paid the loan and redeemed the deed' should be removed.
If you go to the deed writers, they will write it.

Bonds are very important. If careless and lost, trouble. Only the original deed is valid.

If lost, you may incur unnecessary costs to repair.