Mortgage
Govind Dayama
(Querist) 02 December 2009
This query is : Resolved
Sorry Friends, I am again posting the same question that I have posted in Forum at this site.
We have intended to obtain loan on Mortgage by deposit of title deeds (Equitable Mortgage) from our Bankers. The immovable property is situated at a village in Maharashtra. We seek your legal advise on the following points: -
01. Whether the Mortgage by deposit of title deeds attracts stamp duty?
02. Whether registration of the Mortgage by deposit of title deeds is mandatory?
03. Can we execute Mortgage by deposit of title deeds of immovable properties of Maharashtra at another location i.e. Delhi / Ahmedabad ? (Our and Bankers offices situated on both places).
n.k.sarin
(Expert) 02 December 2009
Mr. Govind in general equitable mortgage do not require any stamp duty.
Registration of the mortgage by deposit of title deed is not mandatory.
The answer of your third question is depend upon your banker's policy, there is no legal impediment.
