Mortgage

KAMRAN Khan (Querist) 05 April 2012 This query is : Resolved
Dear sir,

I have a inherated property on which i proposed to construct a house by taking home loan. when i approached to the bank they have told me that i have to create registered mortgage since i dont have title deed. my query is whether there is any other alternative way to create the mortgage in favour of bank? my property is located in Utter Pradesh, in case i have to for registered mortgage whether i have to pay stamp duty fees as it is applicable for sale of property i.e 8% + 2% or there is reduced stamp fees for registered mortgage like 2.5% ?

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ajay sethi (Expert) 05 April 2012
first get property transferred in your name then apply for loan .

no bank will sanction you loan unless your ttle is clear .

go in for equitable mortgage ie deposit of title deeds . generally only nominal stamp duty is required

Deepak Nair (Expert) 05 April 2012
Agree with Mr.Ajay.

KAMRAN Khan (Querist) 05 April 2012
I think if I go for transferring the property in my name then also I have to pay the Stamp duty fees. Can you tell me the process of transfer of inherited property? In any case if I want to go for registered mortgage only in favour of bank what will be the rate of stamp duty in U.P.?