EQM V/s Register Mortgage
Shivom Jindal
(Querist) 25 November 2009
This query is : Resolved
Hello members, i need some information regarding EQM and RM. When any of these is required by bank while granting a loan. What are the documents to be looked at for confirming that all the legal requirements have been complied with.
Y V Vishweshwar Rao
(Expert) 25 November 2009
1- Deposit of Title Deeds with Crediotr with an intention ot create Security for due amoun - is Called as Equitabel Mortgage - Sec 58 ( F) of Transfer of proerty Act -Memorandum of Equitabelk Mortgage to be Registered with 0-5 % on loan amount
2- Regd Mortgage - Creation of Mortgage by executing and Registration of the Mortgage Deed in favour of the Creditor- 3% Stamp duty on loan amount
3- Accordign to the Loan limits/ loan Amounts Bank will insist for Mortgages / Security - ( i.e;- for more than Rs;- 50,000-00 Loan)
4- Before accepting mortgage ( Equitabel Mortgage- or - Regd Mortgage the Bank will obtain Title Clearence Report/opinion form their panel Advocate !
