Equitable mortgage registration

The bank has rightly adviced to do so, to secure its interests.... it is a legal requirement by virture of an amendment in TN..... there is no point in waiting for reduction in stamp duty....   All banks are following the same practice since many frauds have been reported in Housing Loan transactions...

Thank you for your response .

Is it a legal reuqirement only in Tamil Nadu ? Why is it that this procedure is not followed by Private banks ?

All the nationalized banks will mandate to register the Title Deed. Previously the stamp paper charge was Rs.5000 for any loan amount and Now the Tamil Nadu gov. increased it as 1% of the loan amount.

I would like to know the Stamp Duty Charges and Registration Charges for Tamil Nadu . I have come across an article in Hindu Online  which states the changes as follows

"In the case of title deeds, the ceiling on stamp duty has been revised from Rs. 5,000 to Rs. 25,000 and the cap on registration fee from Rs.1,000 to Rs. 5,000. However, there is no change in the quantum of the duty and the fee which remain at 0.5 per cent and one per cent respectively. "

Registeration of the Security Interest in the Central Registry  under the SARFAESI Act, is in addition to the registration of EM in the sub-registry.

  In Tamil Nadu any document made for the creation  of EM would attract stamp duty.  Even though not compulsory, now banks also register it in concerned Registry, so as to reflect the mortgage in EC and also to avoid mortgage of same property documents in different bank loans. 

In a housing finance loan, property is equitable mortgaged for Rs 5000/- maxi value set by Tamil Nadu in year 2011 at the time of registration. Subsequently, Tamil Nadu has revised the maxi value of mortgage to Rs25,0000/-   After a year on applying for renovation loan in the same finance institute for the same property, they ask for again 0.5 percent of the loan to extend the equitable mortgage.

Should I need to pay again.

In a housing finance loan, property is equitable mortgaged for Rs 5000/- maxi value set by Tamil Nadu in year 2011 at the time of registration. Subsequently, Tamil Nadu has revised the maxi value of mortgage to Rs25,0000/-   After a year on applying for renovation loan in the same finance institute for the same property, they ask for again 0.5 percent of the loan to extend the equitable mortgage.

Should I need to pay again.

I am working as credit officer in one pvt bank. OUr customer mortgaged one property (say example property owner name is A) for the dues of two company (say example XY & co and AB & co total dues of RS.50 + 50 lacs)

The customer has paid the stamp duty of Rs.25000/- for mortgage the property (0.25% on loan amount subject to maximum of rs.25000)

While registration sub registrar object that the customer has to pay the stamp duty for each dues i.e. the customer has t o pay the stamp duty for borrower wise i.e. XY & co and AB & co ....then the customer has to pay the stamp duty of rs.50000/-

but as per the tamil nadu stamp duty act, stamp duty is on total loan amount  not as per the customer wise

guide me in this regard

wh