How important is share certificate?

Q: I have a flat registered in my name in a cooperative society.I took a bank loan on this flat so all the original papers are with the bank. But the flat is still not in my name as the share certificate is with the bank. Society also gave me NOC to purchase the flat. Society management says there is no need as property is already registered in your name. i m a bit confused if it is name change in the share certificate is legally required in my case? please help

sanjana, Hyderabad

30th March 2013

Legal

share certificate

bank loan

noc

Follow Discussion

Also see discussions for

Legal

Replies (3)

Hi you can do one thing...you can ask the society to issue or transfer the share certificate because you are the owner currently. The old original certificate can be obtained from the bank by new certificate . I advise you to have the Share Certificate on your name. And yes don't forget to update your name in the Revenue Department (Property Tax).

Javed,

30th March 2013

Comment

Hi Sanjana ...i think that you can mention your all requirements of share certificate on a application and then forward it to bank. as loan is availed by you and the certificate on previous owner's name is useless for them.

Sishir,

30th March 2013

Comment

Hi Sanjana..since you have registered the property in your name...the sales deed will be with bank and the bank should have no problem with giving you share certificate..

Srikumar Nair,

30th March 2013

Comment