Registered mortgage deed rules /money lending

SOZHA VENDHAN (Querist) 21 June 2018 This query is : Resolved
i am giving my savings to my father in law as a loan, can i get his immovable property as security through registered mortgage

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rajeev sharma (Expert) 22 June 2018
Yes you may have. If your father in law have the title documents of the property you may opt for equitable mortgage also . Your father in law will have to deliver the title document of the property to you and then will have to give a affidavit that he has delivered the document of the property to you with the intention of creating security of the loan given by you. This will save you the cost of stamp duty.

kavksatyanarayana (Expert) 22 June 2018
And your father-in-law may execute a simple mortgage deed in your name for the property. It may be mentioned in the deed, the period of re-payment, rate of interest and if necessary if he fails to repay your loan, he must sell property to you for a consideration as decided at the time of execution of sale deed. The stamp duty and registration fee have to pay more than equitable mortgage deed.