Registration of equitable mortgage in solapur, maharashtra
pankajkumar gadi
(Querist) 02 March 2012
This query is : Resolved
Is a equitable mortgage deed be registered in Solapur, Maharashtra without it get first registered with Registrar of documents or equivalent authority or without paying the stamp duty and registration fees of registration of documents after 29th December, 2011.
bhagwat patil
(Expert) 03 March 2012
If a loan is for agricultural purpose the stamp duty is exempted for registered mortgage.for equitable mortgage the mortgagee has to handover the custody of original papers to mortgager with prescribed formate attaching adhesive stamps max.50000.
Deepak Nair
(Expert) 03 March 2012
Hope the querist is satisfied.
I could learn something new today.
Thanks Mr.Bhagwat patil for throwing light on the above.
R.K Nanda
(Expert) 03 March 2012
I agree with Shri. Patil.
R.K.NANDA-ADVOCATE
V R SHROFF
(Expert) 03 March 2012
Thanks Mr.Bhagwat patil for information, for agri land only
Raj Kumar Makkad
(Expert) 03 March 2012
I have no reason to differ with Bhagwat.
Anirudh
(Expert) 03 March 2012
Dear Experts,
None of the experts above seem to have examined whether 'equitable mortgage' is applicable in Solapur? Whether there is any notification in this regard to that extent in the Registration Act?
If the provisions of equitable mortgage is applicable in Solapur, no expert has indicated that now there is a separate authority established under SARFAESI Act to register the equitable mortgage. Where such equitable mortgage is required to be compulsorily registered with a fee of Rs. 500/-.
Second, the querist does not say that the loan is for agricultural purposes. Still one proceeds to answer as though it is for agricultual purpose.
Having given the answer assuming it is for agricultural purpose, no answer has been given in respect of loans which are not for agricultural purposes.
Overall, the querist is not getting an appropriate answer!
prabhakar singh
(Expert) 03 March 2012
I go with opinion expressed by Mr.Anirudh
malipeddi jaggarao
(Expert) 03 March 2012
Solapur is district headquarter and it must be notified center for creating equitable mortgage. Mere delivery of documents to the creditor with an intention to create mortgage is valid. The creditor will create a record that the documents are delivered to him by the debtor or the guarantor with free consent and for consideration, with an intention to give as security. As regards stamp duty, previously there is no intervention of sub-registrar/registrar or assurances. But nowadays many state government as a measure to augment their revenue, imposed stamp duty for registering the charge of equitable mortgage. However, the stamp duty for such registration of charge is normally lesser than the stamp duty applicable to the legal mortgage. Even the financial institutions prefer registering the charge to avoid offering fake documents as security and also to get the transanction reflected in EC. Previously since registration dept. was not involved, though the original documents are lying with the creditor, this type of mortgage transaction did not reflect in the encumbrance certificate. Now, the charge registered with sub-registrar will reflect in the Encumbrance certificate. Hence, the creditors (financial institutions) also prefer this change.
