What are the Differences between Registered Memorandum of Deposit of title deeds and Registered Simple mortgage
a.manoharan (Advocate 94431 45884 advocatemanoharan@gmail.com) 09 May 2009
What are the Differences between Registered Memorandum of Deposit of title deeds and Registered Simple mortgage
V.S.R.Deekshitulu (B.Sc, B.L) 17 May 2009
Mr Manohar
Your question is an answer. In A.P. the memorandum of Deposit of title deeds is not compulsorily be registerable. It is optional. But Stamp duty is levied at the rate of 0.5% subject to a maximum of 50,000/-. In this memorandum there will not be any clause like yearly installment payments.
Simple mortgage is altogether different and the stamp duty is 3% on the amount borrowed and is compulsorily registerable. In this simple mortgage there will be installments which are payable yearly or monthly.
If your are money lenders it is always safe to follow the 1st procedure so that it will save lot of stamp duty, and need of registration.
I hope you are satisfied withi the answer
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