Kathmandu. Now, the bank will be able to stop or release the mortgage.
Issuing a circular, the Department of Land Management and Records has stated that the work of freezing or releasing the collateral mortgage by the banks and financial institutions will be done online. This provision has been implemented by the Ministry of Land Management, Cooperatives and Poverty Alleviation as part of the Agenda for Governance Reforms.
According to the department, after the implementation of this provision, the service recipients themselves will not have to pay land revenue and will be free from middlemen to freeze and release the mortgage.
The banks and financial institutions that have taken permission as per the sub-section (4) of Section 392 of the Land Administration Directive, 2081 will start this service from May 7. According to the department, it will start coming from other banks and financial institutions from May 1.
