Notified towns for mortgage by deposit of title deed
S. Fernandes
(Querist) 23 October 2014
This query is : Resolved
Dear Sir,
I have applied for a housing loan with a Nationalised Bank for purchasing a Flat. The Bank Manager said I will have to mortgage the flat, and advised that it is sufficient to deposit the title deed to create the mortgage. I asked him to provide the notification to show that Goa is notified for this purpose. But the Manager is unable to provide the gazette in which the notification is published.
Therefore,
Please advise me if any towns in the state of GOA are notified towns for the purpose creating a simple mortgage by deposit of title deed.
The notification reference so I can obtain a copy of the notification.
With much thanks.
Anirudh
(Expert) 23 October 2014
Dear Mr. Fernandes,
Please do not try to insult the intelligence of the lawyers here.
You are not interested in getting any property mortgaged (equitable mortgage), but would want to know whether the bank could have taken any property on equitable mortgage (when according to you there is no Notifying declaring any town in Goa for this purpose).
If you are truly interested only in mortgaging, instead of going by what the bank manager says, which is quite trouble free for you, why should you indulge in this unnecessary probe?
Devajyoti Barman
(Expert) 23 October 2014
If the Bank is granting the loan on equitable mortgage which in any case saves your money in the form of stamp duty had you been directed to execute deed of mortgage, why are you after them.
It suits your purpose anyway. Let the Bank search for such notification as it is their headache not yours.
ajay sethi
(Expert) 23 October 2014
agree with MR Anirudh .
Rajendra K Goyal
(Expert) 23 October 2014
Consult local lawyer to know the list of cities notified.
S. Fernandes
(Querist) 23 October 2014
thanks, certainly no insult was intended, my apologies if anybody's feelings were hurt.
T. Kalaiselvan, Advocate
(Expert) 23 October 2014
The experts have very clearly explained what is to be done on the situation so if a doubt still persists in your mind, consult a local lawyer or even with the lawyer on the panel of the bank and get the issue clarified, hope you may avoid confronting the panel lawyer for the reason that you may not get a proper reply instead an adverse impact can take effect on your loan papers.
Anirudh
(Expert) 24 October 2014
Dear Mr. Kalaiselvan,
He is not interested in taking any loan, nor is in need for the same.
He has some other civil suit relating to property.
The defence says that the property was mortgaged to the bank (equitable mortgage) and thereafter the bank took action to sell the property to realise its dues. His contention is that the bank could not have done equitable mortgage as the town/city in Goa has not been notified for effecting equitable mortgage.
Instead of telling this real facts, he started saying a cooked up story: "I have applied for a housing loan with a Nationalised Bank for purchasing a Flat."
T. Kalaiselvan, Advocate
(Expert) 24 October 2014
Dear Mr. Anirudh,
Thanks for your clarification and I appreciate your efforts to clarify the subject issue, so let the author decide about the next course of action on his own understanding.
malipeddi jaggarao
(Expert) 25 October 2014
Purely academic query. No borrower will ask for the notification to know whether the town wherein he is supposed to deposit the title deeds is notified or not. It is the botheration of the Bank, certainly it is a notified center.
Do not waste the time of experts by posting academic queries.
