Equitable mortgage
sanjay singh thakur
(Querist) 31 July 2009
This query is : Resolved
Dear friend
Kindly clear that whether title deed pertaining to agricultual land can be given to the bank for creating equitable mortgage. Moreover can a certificate from the Collector or Circle Officer to the effect of non agricultural use be ssufficient for giving agricultual land for the purpose of Equitable Mortgage.
Regards.
S.S.Thakur
Y V Vishweshwar Rao
(Expert) 31 July 2009
1-Deposit of Title deeds,with an intention to create security ,with the Bank /creditor is suffcient to create Equitable Mortgage
2-Creation of Equitable Mortgage /and/ nautre of proerty/Security - Agri or non Agri land is deferent .
It is nature of Mortgaged Property/Security - Agricultural land / or / Non agricultural land - it is for the Bank/ Creditor to accept the nature of the security/property!
The Titel deeds of Agricultural land ;-
1-Regd Sale Deed /partition deed /Gift Deed /Release Deed etc
2- Supporting Link Documents if any available
3-ROR title Books- as applicable in Andhra Pradesh
4-Yearly revenue Records( Pahanies in AP ) showing patta and Possesion of the Mortgagor
5-Land Revenue Reciepts and any other local applicable Revenue Records !
6- Agri land if converted as non Agri land , the proceeigns converting the nature of land in to non- Agri land !
Harinarayan R. Tripathi
(Expert) 31 July 2009
The First thing you can create Equitable Mortgage on Agricultural land provided restriction imposed by any state law.
The other thing is that NA use of the land is the different thing from the creation of Equitable Mortgage
PALNITKAR V.V.
(Expert) 31 July 2009
The certificate about the NA use is not a title deed. Hence, deposit of that certificate will not create a valid mortgage. But deposit of title deed like sale deed or any other ownership document may be sufficient for creation of equitable mortgage.
V.V.RAMDAS
(Expert) 31 July 2009
Mr Thakur ,
For equitable mortagage three documents are required 1) OriginalTitle deed( what ever form it may be) 2)Non-Encubencey Certificate from the Local Sub-registrar pertainting to the lands/property embodied in the tiltle deed. 3) Rent receipt of the concerned property.
Further I would like clrify that it may be agriculture or non-agriculture it makes no difference for EM. subject to state local laws.
