Mortgage property against proporty
hdshardik
(Querist) 01 November 2014
This query is : Resolved
my father wants to raise fund for business against business premises , in reference to this , is property mandatory to mortgage with registration ?
is RBI has make mandatory to all banks to get mortgage registered against loan against property ?when section 4 of Bombay stamp act 1958 is applicable and to whom it is mandatory ?
can our bankers put mandatory to registered deed ?
what is the benefit to us ? and bankers?
Isaac Gabriel
(Expert) 02 November 2014
Mortgage is different from security.If the property is required to be pledged against the loan,it has to be done.It is safe for you and the banker.
M V Gupta
(Expert) 03 November 2014
Bank loans are necessarily to be secured either by guarantee of two sureties and / or mortgage of immovable properties. Where mortgage is required by the Bank, it is generally taken by way of deposit of title deeds. A memorandum of deposit of title deeds is recorded by the Bank which attracts stamp duty at concessional rates (1% of the loan secured in Maharashtra subject to a maximum prescribed by the Act)and the memorandum is registered with the Sub Registrar.
T. Kalaiselvan, Advocate
(Expert) 05 November 2014
Expert Mr. Gupta has given a correct & proper answer to the query though it is a regular academic query by the author.
Anirudh
(Expert) 08 November 2014
The purpose of registration is in the interest of the public at large, so that anybody who wants to deal with the property (e.g. prospective buyer, or a financier who wants to lend loan against the property etc.) can find out about existence of any encumbrance against the said property.
I am not sure about Maharashtra, but in other places, normally when the equitable mortgage (i.e. depositing of title of the property) takes place, the registration of MOU of lodging of title deeds involves very nominal charges, but certainly not 1% of the loan). However, the lending Financial Institution has to compulsorily register the equitable mortgage with the Authority created under Securitisation Act by paying a fee of Rs.500/-. Such non-registration will affect the Financial Institution and the officials thereof, and not the Mortgagor.
Whenever anybody wants to do due-diligence of any property, apart from verifying the records at Sub-Registrar's office, one has to necessarily verify the records at Authority under Secruritisation Act as well - otherwise the due-diligence will be incomplete.
Guest
(Expert) 08 November 2014
Dear Author,Under Registration (Maharashtra Amendment) Act 2010 which Amends the Indian Registration Act 1908 it will now be mandatory to inform as well as Register in State Registrar Office regarding Mortgage Details with in 30 days of Mortgage being Executed.Failure to do so can attract a jail term 1 to 3 years with or with out Fine.
M V Gupta
(Expert) 09 November 2014
The time limit referred to by mr. Rajkumar applies to mortgages created by companies and not to those created by individuals, partnerships etc
Guest
(Expert) 10 November 2014
Dear Author,My Replies were only to you and I prefer to avoid arguements atleast here.Who finds fault in my statements could very well justify and explain the same to author/querist in a better way in detail what they feel is correct than expecting me to argue with them.
Anirudh
(Expert) 10 November 2014
Dear Mr. M.V.Gupta,
I don't find any such distinction as regards the time limit for compliance is concerned. The time limit applies for all those who do the mortgage. I shall be happy to get clarified as to which of the provisions in the Amendment Act, carves out such a distinction.
M V Gupta
(Expert) 10 November 2014
Dear Shri Anirudh and Mr. Narasimha,
My earlier comment on the time limit was with reference to Section 77 of the Companies Act,2013 (= sec 125 of the old Act). I agree that the Registration(Maharashtra Amendment) Act of 2010 does not make any distinction and where mortgage is created by deposit of title deeds, notice of intimation is required to be filed with the Sub Registrar of Assurances within 30 days of deposit. If the mortgagor is company, it has to comply with the provisions of Companies Act also.
Guest
(Expert) 10 November 2014
If any one wishes to convey any thing please they could convey the same to the Querist/Author since I have made no query regarding the same Please.
hdshardik
(Querist) 13 November 2014
dear sir ,
our loan is sanctioned and one of the t & c is that deed of mortgage will registered ,
bank officer is not co-coordinating with us . before we communicate with higher officer from him , we like to get your advice and guidance .
fact :
whose responsibility to send the filled and corrected daft of deed of mortgagee against property which is require to register with paying necessary stamp duty ? our banker send us the plain draft and suggested to filled it by us (client) since to fill the detail is the technical part and we fear that f filled wrong something after coming to knowledge after paying stamp duty and registering the documents , who is liable for weak document ? we again and again request to bank that they give us the ready printed deed of mortgage for execution . but they refused . what to do if something is not work rightfully?
P.THANGAVEL
(Expert) 13 November 2014
I think your relationship with the bank got strained somehow.To avoid the bank to blame for noncompliance of T&C of the sanction on your part and initiate steps to recall the advance,you express your intention to cooperate with them in the matter of executing mortgage by way RPAD and also request them draft copy of mortgage deed duly filled in as per T&C of sanction for registering the mortgage at your cost.In case of no response, take up the matter with the controlling office of the bank immediately without further loss of time.Try to reconcile at the branch level if possible.
P.Thangavel, Advocate & Former Senior Manager of leading PSB.
hdshardik
(Querist) 23 November 2014
we will be require to submit occupied certificate . property located at bhiwnadi . we have approached for it.
kindly guide me about who is the right authority to issue occupancy certificate where there is only Grampanchayat at that village bhiwandi
