mortagage deed registration ????
Tejas
(Querist) 14 December 2010
This query is : Resolved
my query is as follows :
A pvt. ltd. Co. is giving loan of rs.35 lacs to its employee or third person against
deposit of tiltle deeds of property which the person is going to buy...
Mortgae deed drafted ....now for stamp duty & registration which
documents are required ??
As concerned person appointed for registration is asking for
RBI approval letter....??
why should pvt.Co. take approval from RBI ....regarding giving loan to its employee?
No loan is taken from bank ?
help ?
adv. rajeev ( rajoo )
(Expert) 14 December 2010
If pvt., co., has not taken any permission from the RBI to lend a money then it is necessary to take the permission. And co., should be finance company.
Tejas
(Querist) 14 December 2010
thank u very much..
sir..this is a one-off loan given to employee and Pvt. Co. is not a finance company and is engaged in trading of merchandise goods ..
then too approval required ??
please clarify .
Khaleel Ahmed Mohammed
(Expert) 14 December 2010
Granting loan to their employees do not require any licence from RBI. If they grant loan to third parties,then it mandatory to get licence from RBI.
Tejas
(Querist) 14 December 2010
thank u very much sir..
Advocate. Arunagiri
(Expert) 14 December 2010
Only when the company is engaged in lending business, they need a license from the RBI. Giving loan to the employee is not a lending business.
Devajyoti Barman
(Expert) 14 December 2010
yes and grantng of loan on deposit of title deed does not require any registration.
Tejas
(Querist) 15 December 2010
thank u all..
malipeddi jaggarao
(Expert) 15 December 2010
The company should record a suitable oral assent given by you for depositing the title deeds as security for the loan obtained from the company. This is called equitable mortgage. Depositing the title deeds with an intention to create security for the loan are main points in equitable mortgage. In some states, a separate stamp duty is required to be paid (not advolerum as applicable to legal mortgage). Your company will take care of these aspects.
