equitable mortage
Maseeh azam
(Querist) 25 January 2011
This query is : Resolved
I got a piece of land through jubani hibba by my father and consent degree was awarded by civil court,after that i got mutation from anchal and nagar nigam on my name, I also brought land pocession certifacate.When i applied housing loan as i and wife are govt servant for nursing home, The bank lawer told us that your hiba is not regestered so equitqble mortage is not possible and you have to opt for regestered mortage. please guide as i got land through court(recent)and i have certified copy.
Y V Vishweshwar Rao
(Expert) 25 January 2011
1-Equitable Mortgage - by Deposit of Original Valid Title deed ! ( Like Regd Sale deed /Gift Deed /Partition Deed/ Release Deed)
2- The Civil Court Decree is also a valid title deed !
3- But Court Decree Certified copies only will be available with Party
4- Banks will insisting for Regd Mortgage only - as there is possibility of obtaining any number of Certified copies of Decree!
Parveen Kr. Aggarwal
(Expert) 25 January 2011
Equitable mortgage can be only by way of deposit of title deed with the mortgagee bank. Generally the banks donot consider properties acquired through court decrees for equitable mortgage.
malipeddi jaggarao
(Expert) 27 January 2011
I agree with the expert Mr.YV Vishweshwar Rao. For creation equitable mortgage, you are required to deposit the original title deeds with the Banker with an intention to create mortgage over the property. Court Decree is in recognition of the rights over the property, but it is not title deed in itself.
pritamsaini
(Expert) 27 January 2011
IF THE COURT DECREE WAS GOT REGISTERED IT WOULD BE A TITTLE DEED .
Y V Vishweshwar Rao
(Expert) 14 February 2011
Yes I agree with Mr Saini - If the Court Decree is Registered with SRO and the Registered Decree can be considered by the Bank .
