Creation of Equitable Mortgage of the property situated at B

PANKAJ (Querist) 29 August 2017 This query is : Resolved
Hi, my query is that whether EM can be created at Mumbai of the property situated at Bangalore & whether EM charges can be registered at sub-registrar office at Bangalore & how much stamp duty to be paid for the loan of Rs. 60 lakhs.

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Ms.Usha Kapoor (Expert) 29 August 2017
http://www.mondaq.com/india/x/16866/Financial+Services/Registration+of+a+Memorandum+of+Mortgage+by+Deposit+of+Title+Deed
Please refer the above link for an answer to your query.
Regarding registration fee and stamp duty calculation you refer the following link.
https://www.e-stampdutyreadyreckoner.com/Mortgage-Calculator.php

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R.K Nanda (Expert) 29 August 2017
better contact concerned bank to know about place of creation of said EM.

Kumar Doab (Expert) 29 August 2017
Check with the Bank that has to agree to EM.

Rajendra K Goyal (Expert) 29 August 2017
Equitable Mortgage can be created at any notified center. Center need not be at the place where borrower / lender / property situated.

Mortgaged property need not be of the same place at which the equitable mortgage is created.

In equitable mortgage the Mortgage is complete by deposit of title deeds.

Though no stamp fee is charged on EM, yet some states have fixed some fees on it, confirm at your state.

Equitable Mortgage need not be registered, if you want registered proceed for simple / registered mortgage.

Mutation can be registered for EM.

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Kumar Doab (Expert) 29 August 2017
You can benefit from the illustration by Mr. Rajendra K Goyal.

Dr J C Vashista (Expert) 30 August 2017
I fully agree and appreciate expert advise of Mr. Rajendra K Goyal, nothing more to add except to consult a local lawyer for proper processing your case.