Hi all learned members, I am a banker by profession. I am having a doubt in the Stamp fee to be paid during registration of Memorandam of deposit of Title Deeds during creation of Equitable Mortgage over immovable property in Tamil Nadu.
In case, a person has availed a loan of Rs. 75 Lakh in 2008 for two loans of Rs. 50 Lakh and Rs. 25 Lakh each. MOD is registeredd for Rs. 75 Lakh in 2008 itself. At present, the later loan of Rs. 25 Lakh is closed, while the former with a limit of Rs. 50 lakh remains. Now the same person has availed a fresh loan of Rs. 20 Lakh. Is it mandatory by law to register Extention of EM for the fresh limt of Rs. 20 Lakh or whether the exsisting MOD registered for Rs. 75 Lakh in 2008 will hold good just by extending the Equitable Mortgage in bank itself.
Please clarify the question with specific reference to Tamil Nadu and also infrom whether it changes with state..
Expecting to get clarified
. Thanks.
