Which type of mortgage possible
Gopal Ranjan Panigrahi
(Querist) 03 March 2012
This query is : Resolved
Sir, a person is having ancestral property wherein his name is recorded in revenue records (Rin-Pustika, B-1).The property is diverted too.
But property being ancestral does not have a title deed.
Now the person wants to take loan from Bank says to bring registered title deed to keep the property mortgage against loan as other documents in hand are revenue records just to show right/ mutation. Banks wants registered title deed/ sale deed for mortgage.
Sir,My querry is whether in this case other kind of mortgage possible like simple mortgage etc.. if yes what is the procedure and the stamp duty to be paid for such mortgage.
Thanks & Regards
Raj Kumar Makkad
(Expert) 03 March 2012
Banks duly accept the mortgage of the ancestral properties on the basis of detailed search report. There is no necessity of having a title deed in such properties. A registered mortgage is done in such cases.
