Mortgage loan
KAUSHIK2006
(Querist) 30 June 2016
This query is : Resolved
Dear Team,
I am residing in Chennai and i received Mortgage loan of Rs. 4 lakhs last year in Bank,same was registered with concerned Registration office towards bankers and now I applied for Rs. 2 Lacs additional loan and same has been sanctioned to me recently. Now bank officer asking me to again register for Total Rs. 6 Lacs and insisting me to pay for ths same.
Kindly clarify whether I have to pay Registration fees for Rs. 2 Lacs or for Rs. 6 Lacs.
Please let us know if you need further assistance.
Best regards
Sanjay
R.K Nanda
(Expert) 30 June 2016
Contact sub registrar office.
Rajendra K Goyal
(Expert) 30 June 2016
Practically Bank prefer to get new mortgage deed with full amount.
When you are from Chennai, ask the Bank to proceed with Equitable Mortgage which is cheaper and easier process.
KAUSHIK2006
(Querist) 01 July 2016
Thanks for your revert.
Could you please assist what would the stamp duty and registration charges in my case.
Sanjay
rajeev sharma
(Expert) 04 July 2016
the information provided by you are incomplete. Banks generally go for registered mortgage if the original title document are not available.If it is so then the mortgage document has to be got registered with sub registrar. There is no need for getting the loan document registered for 6 lakh. if anew document for six lakh is registered then bank will have to get the previous document cancelled otherwise the total mortgage registered on the property will be of ten lakhs .bank may get the document registered for 2 lakhs and mention the details of previous mortgage in that agreement also. If the title document of the property is available then insist upon equitable mortgage
Dr J C Vashista
(Expert) 06 July 2016
Get the mortgage document executed and take a loan, there is no legal aspect/problem for advise by experts.
