Registration of instrument relating to deposit of title deeds in tamil nadu
Sridharan
(Querist) 17 December 2015
This query is : Resolved
In Tamil Nadu an amendment to Sec. 17 of Registraction Act, 1908 was introduced with effect from 2012 that instrument evidencing deposit of title deeds needs registration. I have purchased one flat in Chennai with loan from Reserve bank of india and HDFC. The loan has been taken from RBI by my wife in the capacity of an employee of RBI and the loan is availed from HDFC on second mortgage paaripasu basis. The documents of titles have been deposited with RBI. When we stressed for issuance of certificate for deposit of title deeds from RBI to the Sub registrar for registration of MODT purposes, my wife was informed that the loan was sanctioned in the substantial capacity of an employer/employee basis and not on commercial basis and hence Sec 58 h of the Transfer of property of Act read with sec 17 of the Reistration Act(for Tamil Nadu) not attracted. On the other other HDFC demands that either the MODT has to be in favour of RBI or HDFC without which they would not disburse the loan. I feel that that MODT cannot be granted in favour of HDFC but in favour of RBI since the Original Documents of Title is with RBI abd Sec 58 h of the TP Act or Sec. 17 of the Registration Act, do not exempt employer/employee relationship. Could you kindly advise me what to do in this case clearly explaining the legal position. I would be much thankful if some may kindly clarify the position.
Advocate. Arunagiri
(Expert) 17 December 2015
The employee should obtain a letter from the RBI, stating that the original document is with them and should say the amount of attachment. And this letter should be given to the HDFC Bank.
The HDFC bank can create a second charge on the property. In the mortgage deed, the first charge of RBI and the letter reced from the RBI should be mentioned.
Sridharan
(Querist) 17 December 2015
Thank you very much for your reply. There was lot of confusion. But I have one more doubt and I seek your kind advice. 1. Whether the mortgage deed creating charge on the property in favour of HDFC needs registration? 2. If, so the stamp duty for the loan amount given by RBI also should be included or is it enough to pay stamp duty for the loan amount given by HDFC alone.
Sridharan
(Querist) 17 December 2015
Thank you very much for your reply. There was lot of confusion. But I have one more doubt and I seek your kind advice. 1. Whether the mortgage deed creating charge on the property in favour of HDFC needs registration? 2. If, so the stamp duty for the loan amount given by RBI also should be included or is it enough to pay stamp duty for the loan amount given by HDFC alone.
Advocate. Arunagiri
(Expert) 17 December 2015
1. Registration of mortgage is needed, because there is no deposit of title deed is involved in HDFC loan.
2. Only for the HDFC loan.
Rajendra K Goyal
(Expert) 18 December 2015
RBI has issued paripassu letter to HDFC bank and it is RBI which is to cover the mortgage formality.
HDFC bank should be satisfied with the letter from RBI.
Sridharan
(Querist) 21 December 2015
Is it necessary to pay stamp duty as per Tamil Nadu Stamp Act, 2013 for the loan sanctioned by HDFC? If so, is it under article 6(2) of the Schedule to the above act? Can any body help in this regard please.
