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ChayanK (Sr Consultant)     20 December 2013

Regsitration of equitable mortgaze

I brought an under construction flat in Bangalore for which I have applied a loan in PSU Bank's Mumbai branch. Now bank is asking me to register the  equitable mortgage deed done by bank with me (in a Bangalore register's office) as per present rule for mumbai properties.  Now my question is that if the same rule is applicable for Bangalore properties as in mumbai properties.

Point to be noted, as per Bangalore norms, property is still not registered in my name and will be registered only after completion. This is unlike in Mumbai where as soon as sale agreement is done, property gets registered.

Please help urgently.



Learning

 2 Replies

BAALASUBRAMANNYAMM (Advocate)     21 December 2013

If a Sale Deed is not duly executed in your favour, you have no right to execute a "Mortgage Deed" in favour of the bank.  The bank wont give loan, only basing on an Agreement of Sale, that too you are not entitled to execute a Mortgage Deed.

jayakumar.R (ADVOCATE & LEGAL CONSULTANT)     23 December 2013

After the Undivided share registration in ur name  only bank people will release the 1st  instalment of the loan cheque then the bank will issue  one letter to the  Sub-Registrar to request  the registration of MODT Document (Memorandum of Deposit of Title Deeds) in their favour . 


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