Creation of mortgage

ketan Chandrani (Querist) 10 January 2015 This query is : Resolved
if party has depositing title documents with the bank and create a equitable mortgage and register with sub registrar office. is it defective?

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Devajyoti Barman (Expert) 10 January 2015
Equitable mortgage need not be registered in schedules cities including metro cities.

Shailesh Kr. Shah (Expert) 10 January 2015
not defective, however no need to registered in schedule cities including metro cities as already advised by the learned expert sh. devajyoti barman.

Rajendra K Goyal (Expert) 11 January 2015
Repeated query:

http://www.lawyersclubindia.com/experts/Mortgage-517331.asp

ajay sethi (Expert) 11 January 2015
repeated query

malipeddi jaggarao (Expert) 12 January 2015
In your previous query, you have not given any clarification sought by expert. Here also you have not posted the required details. However, as you did not get reply to your query in the last one, I would like to advice you:

When the borrower/guarantor creates equitable mortgage in favour of a financial institution (Bank) by depositing the title deeds, it is valid mortgage. But nowadays in many states, a letter intimating such mortgage signed by both the parties to the sub-registrar is being sent which the stamp duty is nominal. The bank might have asked you either to sign such letter or meet the expenses in this regard. You are confused and asking this query. The act of the Bank is perfectly correct, if my understand of your problem is correct.

Dr J C Vashista (Expert) 12 January 2015
Very well explained and advised by expert Mr. Malipeddi Jaggarao, I fully agree and appreciate.
However, it is an academic and repeated query which should not have been entertained / advised as per rules of this platform.

malipeddi jaggarao (Expert) 12 January 2015
@Dr.Vashista ji - It is repeated query, but as the author could not post the query, clearly there also, he could not receive any proper guidance to his original query. Hence I replied. I always abide by the views of majority of LCI experts.