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(i)The security for the loan shall be first charge by way of equitable / registered mortgage of the property . The title of the property must be clear , marketable and free from encumbrance.
(ii)If an intending borrower who has purchased / has entered into an agreement to buy housing property on power of attorney basis offers sufficient collateral in the shape of equitable mortgage of any other property and / or Govt. Security ( ies ), the same may be considered and the property / security obtained at the time of sanction may be released after obtaining the equitable mortgage of Housing property financed which shall remain the primary security for the loan. During the intervening period the property financed by the bank shall remain charged to the bank. |
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