Mortgage
yuvnesh subramanian
(Querist) 08 June 2012
This query is : Resolved
One proeprty has been mortgage for Rs.5 lac to a financier and again applied to enhance the loan of Rs.2lacs.Already mortgage done for 5 lacs whether now it is possible to add on the mortgage for 5+2 lacs or 5 lac to be cancelled and to make it for 7 lacs. Pl advice i am for financier?
c.p.s. ramachary
(Expert) 09 June 2012
Mr. Subramanian,
What kind of mortgage is created in the above transaction is not clearly stated. If equitable mortgage is created then a letter for extension of the equitable mortgage for enhanced portion of advance (that is Rs. 2 Lakhs) be executed for retaining the title deeds by the mortgagee covering 7 Lakh rupees in total. If registered mortgage is created then a supplemental deed of registered mortgage for covering additional 2 lakhs would be sufficient. If you are for financer please check the encumberances if any subsequent to the mortgage created for 5 lakh rupees before accepting the extention of mortgage
Shonee Kapoor
(Expert) 20 June 2012
nothing left to be added
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
