Equitable Mortgage Notice of Intimation


Hello, I had My loan disbursed in the month of April 2019 but i didn't complete Notice of Intimation of Equitable Mortgage. as far as i know as per the Maharashtra Amendment Act the Notice of Intimation had to be filled in 30 days if not done than i can face 1 year jail term and fine (unknown quantum) under section 89C next available option for intimation after expiry of 30 days is to register the mortgage as any other mortgage by paying 1% loan amount as stamp duty and registration of 30000 which is lets say just too much and has to be completed in 4 months time which is also expired now if i dont do any of the this option and willing to risk jail term (long shot) than what are other consequences that i may face? for example if i want to opt for Balance transfer to another bank than is it possible or will it interfere with condition of section 89B something related to third party transaction by which the balance transfer arrangement will become void? thanks for your opinions/answers/suggestions etc ( i have tried to extensively search on this topic but all material is about 4-5+ years old and it seems no one is bothered bat it anymore)
 
Reply   
 
Retired employee.

Generally bank takes such intimation letter also with memorandum and separately posts to concerned Registrar.  Always take confidence of bank and act as per their advice.

 
Reply   
 



@G.L.N. Prasadji, i am certain that bank did not do any such thing... how ridiculous this clause is... how can you expect a borrower to do all this when he has already received the money... safeguard is for the lender than they should do the complaince why would borrower bother... ridiculous set of rules...
 
Reply   
 
Retired employee.

The rules are framed basing on several precedents, frauds.  You may not be aware but in several states, there are hundreds of such cases where fake title deeds, and forgeries were done without the knowledge of the owner for raising home loans.  Please do understand that when certain rules are framed, experts always depend on feedback and try to avoid any litigations/frauds in the future.

 
Reply   
 
Retired employee.

The rules are framed basing on several precedents, frauds.  You may not be aware but in several states, there are hundreds of such cases where fake title deeds, and forgeries were done without the knowledge of the owner for raising home loans.  Please do understand that when certain rules are framed, experts always depend on feedback and try to avoid any litigations/frauds in the future.

 
Reply   
 

yes sir i do understand the reason for implementation but dont appriciate the manner of applying the rule. the said loan detail is already available in Credit reports and linked to aadhar, pan etc than why not integrate such info rather than making a whole new process which is hard for a common man to do. a simple declaration can be made to sign at the time of disbursement which can enable details to be shared with sub registrar.

there is no material on this topic any where. banks provide info by post which in most cases reach after 30 days. 99% of people i know who has taken a home loan have no clue of such requirement. i can understand 1 2 3 4 ppl being lazy or ignorant but how can so many ppl be unaware. the popular sites like lawyerclubindia, caclubindia, indiankanoon has next to no topic on  the subject.

all this just shows how poorly implemented is this entrie rule which actually has a good intension. 

 
Reply   
 

If everything was available on the Internet so easily, the Legal Faternity would come to a standstill
 
Reply   
 

there are material which literally can make a common man do good audit, accounts, mca work, file notice, even represent in an ITAT and you consider this to be something which can make legal faternity futile.

nice to know an inside secret.

 

 
Reply   
 

LEAVE A REPLY


    

Your are not logged in . Please login to post replies

Click here to Login / Register  



 

Search Forum:








×

  LAWyersclubindia Menu