Question pertains to clarification on stamp duty payable for loan enhancement by the Bank. Loan type - Cash Credit.
Land property was given as collateral security for original loan amount of Rs. 100. Required Stamp duty was paid at that time. Now, Bank is ready to increase the cash credit limit to Rs. 120. Additional security (land) is given for this enhancement in loan limit.
A co-applicant, who owns this additional security (brother) is now taken as co-applicant.
Queries: Do we have to pay stamp duty on enhanced portion only (Rs. 20) or on entire amount (Rs. 120)?
A fresh mortgage deed is required or supplementary mortgage deed will suffice?
New security (owned by Brother) will be a collateral against enhanced portion (Rs. 20) or entire loan amount (Rs. 120)
