Rules for mortgage a property

Your client can mortgage his property in your favour if you have given him or his company any credit. He can create an equitable mortgage [mortgage by deposite of title deeds] in your favour for the money lent to his firm by you or go fro simple mortgage. Equitable mortgae does not require registratrion. Simple mortgage requires registration with the jurisdictional Registrar of Assurance.

somebody tells me that according to RBI ruilings, only banks and ltd. companies can mortgage only. A sole prop. concern can not mortgage a property. Please give comments.

Yes, it is true. In this case if you want to get mortgage then i would advise to apply for money lending license that will allow you to register for mortgage. i am in microfinance business and i do the same and for money lending license you do not need to pay huge amount, i paid about 250 rupees for 5 year license. 

Dear Sir,

Could you please provide the format of cancel/release  the Memorandum of deposit of Title Deeds after the loan repayment ?

Hello,

I am from Bangalore. I have question related to adding co-owner and co applicant. My wife purchased flat 5 years back in Bangalore having SBI home loan. Since more than 1 year she is on Maternity Leave and I am paying the EMI. As the property was taken before marriage the registration document and home loan is under her name.

How can I add myself as co owner as the original registered document is mortgage with SBI as to avail the TAX benefit I need to be co owner and co applicant.

Please Suggest.