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Discussion > Property Law > Mortgage > Equitable mortgage registration   Unanswered Threads Post New Topic

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There are 8 Replies to this message


Novice


Consultant
[ Scorecard : 28]
Posted On 09 August 2011 at 08:01 Report Abuse

I have taken a Housing Loan from  nationalized bank for Rs 26 lakhs . I have been asked to do carry out equitable mortgage registration . The Tamil nadu Government has recently hiked the Stamp Duty and Registration Charges and it works out to be Rs 30,000 for the Stamp Duty + registration. In addition to this I have been asked to pay additional amount for for Document preparation and support during the visit to Registrar's office .

I did not anticipate such a big payment . Is the Equitable Registration a mandatory process ? Can it be delayed in anticipation that the Stamp Duty Charges maybe reduced ? Also I came across an article in buisness Line which explained that by submiiting the Title Deeds with the bank is equivalent to the Equitable Mortgage and that RBI has a central Registry to maintain all mortgages  and banks have to report all transactions to this registry so that he borrower would not be burdened with the costs for the Mortgage Registration.

Any advice on this would be highly appreciated .



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pervez


adviser
[ Scorecard : 642]
Posted On 09 August 2011 at 10:16 Report Abuse

The bank has rightly adviced to do so, to secure its interests.... it is a legal requirement by virture of an amendment in TN..... there is no point in waiting for reduction in stamp duty....   All banks are following the same practice since many frauds have been reported in Housing Loan transactions...



Novice


Consultant
[ Scorecard : 28]
Posted On 09 August 2011 at 16:07 Report Abuse

Thank you for your response .

Is it a legal reuqirement only in Tamil Nadu ? Why is it that this procedure is not followed by Private banks ?



Sam


Engineer
[ Scorecard : 28]
Posted On 10 August 2011 at 23:00 Report Abuse

All the nationalized banks will mandate to register the Title Deed. Previously the stamp paper charge was Rs.5000 for any loan amount and Now the Tamil Nadu gov. increased it as 1% of the loan amount.



Novice


Consultant
[ Scorecard : 28]
Posted On 11 August 2011 at 11:52 Report Abuse

I would like to know the Stamp Duty Charges and Registration Charges for Tamil Nadu . I have come across an article in Hindu Online  which states the changes as follows

"In the case of title deeds, the ceiling on stamp duty has been revised from Rs. 5,000 to Rs. 25,000 and the cap on registration fee from Rs.1,000 to Rs. 5,000. However, there is no change in the quantum of the duty and the fee which remain at 0.5 per cent and one per cent respectively. "

 

 

 



RAJU O.F.,


Advocate
[ Scorecard : 3188]
Posted On 13 August 2011 at 16:01 Report Abuse

Registeration of the Security Interest in the Central Registry  under the SARFAESI Act, is in addition to the registration of EM in the sub-registry.

  In Tamil Nadu any document made for the creation  of EM would attract stamp duty.  Even though not compulsory, now banks also register it in concerned Registry, so as to reflect the mortgage in EC and also to avoid mortgage of same property documents in different bank loans. 



ravi


engr
[ Scorecard : 26]
Posted On 03 August 2012 at 19:33 Report Abuse

 

In a housing finance loan, property is equitable mortgaged for Rs 5000/- maxi value set by Tamil Nadu in year 2011 at the time of registration. Subsequently, Tamil Nadu has revised the maxi value of mortgage to Rs25,0000/-   After a year on applying for renovation loan in the same finance institute for the same property, they ask for again 0.5 percent of the loan to extend the equitable mortgage.

Should I need to pay again.



ravi


engr
[ Scorecard : 26]
Posted On 03 August 2012 at 19:36 Report Abuse

 

In a housing finance loan, property is equitable mortgaged for Rs 5000/- maxi value set by Tamil Nadu in year 2011 at the time of registration. Subsequently, Tamil Nadu has revised the maxi value of mortgage to Rs25,0000/-   After a year on applying for renovation loan in the same finance institute for the same property, they ask for again 0.5 percent of the loan to extend the equitable mortgage.

Should I need to pay again.




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