Mortgage Deed

Vivek Banginwar (Querist) 05 September 2008 This query is : Resolved
I am applying loan to one Bank, Bank has sanctioned the Loan, but after Registered Mortgage deed. But I request to the bank for Equitable Mortgage Deed. Can I submit Equitable Mortgage deed to the bank, if yes suggest me provision. thanks

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GOPI KRISHNA (Expert) 05 September 2008
Banks take security by way of Equitable Mortgage followed by the Registered Deposit of title deeds. hence fresh Equitable Mortgage is not necessary

Adv.Shine Thomas (Expert) 06 September 2008
U/s 58(f)of Transfer of Property Act,a valid mortgage on an immoveable property should be effected,it must be in writing and attested by two witnesses and the document must be registered.But in case of a mortgage by deposite of title deeds,it need not be registered and an oral agreement between the person and the creditor followed by the delivery of the documents of title to the property is enough.The creditor will have the possession of the documents and he will advance the money at the stipulated rate of interest.

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