Noting of equitable mortgage charge on property in goa

Querist : Anonymous (Querist) 24 January 2025 This query is : Resolved
Is there any system to note charge of Equitable Mortgage created in Maharashtra for common mortgage of some properties situated in Maharashtra and some in Goa. Is there any system of Notice of Intimation of Equitable Mortgage in Goa which exists in Maharashtra. How does the Bank safe guard itself if charge is not noted on the property because borrower can dispose of the property by saying title Deeds are lost.

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T. Kalaiselvan, Advocate (Expert) 24 January 2025
You may discuss your actual problems instead of posting questions of academic interest or hypothetical.

SIVARAMAPRASAD KAPPAGANTU (Expert) 24 January 2025
Now a days Banks are putting through Simple Mortgage to safeguard their interest, so that the search for encumbrances or EC shall reveal the mortgage to whoever is making such query. That way the Mortgagor cannot alienate the property without the financier clearing the mortgage in their favour and it is recorded as such.

kavksatyanarayana (Expert) 24 January 2025
Yes. Why are you interested in asking this question? Who is the mortgagor, and which bank is the mortgagee? Is the bank ready to sanction the loan when more properties are in two states?

Dr. J C Vashista (Expert) 26 January 2025
What is your concern / problem / locus standi to the borrower and/or bank qua endorsment of mortgage on the property ?

Querist : Anonymous (Querist) 26 January 2025
Basically I am a banker from Maharashtra and we are processing this loan facility for our client who has offered us some securities part of which are situated in Goa and Pune state. While we propose to create equitable mortgage in pune for all the properties, our concern is we are given to understand that there no process of noting charge for equitable mortgage on property in Goa State as it exists in Maharashtra state (Notice of Intimation system). So I want expert advice as to how banks create charge of equitable mortgage executed in goa state and ensure that the borrower does not dispose of the property without banks knowledge. As the stamp duty is very high for mortgage in goa borrower is reluctant to execute mortgage in goa.

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