Gift deed property can b mortgaged or not

Querist : Anonymous (Querist) 18 January 2021 This query is : Resolved
My brother's n my mother have gifted their portion to me and it's registered when I v submitted the deed to obtain a cc loan the bank says I need registered mortgage.can I mortgage this flat or not???

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Guest (Expert) 18 January 2021
When it is Bank's Rules / Requirement to Register Mortgage the Property to sanction the Loan the Borrower has to abide.

Advocate Bhartesh goyal (Expert) 18 January 2021
Bank lent the loan to borrower on depositing of title deeds of property belongs to either borrower or guarantor as security and depositing of title deeds to bank means equatable mortgage of property which need not to be registered with sub registrar.

K Rajasekharan (Expert) 18 January 2021
You can mortgage the property provided to you by your brother and mother under a registered gift deed. Now it is your own property. Nobody including the donors have any say in it.

What the bank says is that you need to register a mortgage deed with the bank in order to get a loan. It is something like pledging something to get a loan. When you pay the loan back to your bank, it will release your property. If you need the loan you will have to register the mortgage deed with the bank.

In some areas, another kind of mortgage called equitable mortgage which need not be registered is being resorted to to sanction loans. In such areas the bank can sanction loan by depositing your sale deed but without registering a mortgage deed. It seems such a kind of mortgage is not in force in your bank.

kavksatyanarayana (Expert) 18 January 2021
You have a property which from a gift deed, you can deposit the Title deed (the Gift deed) to the Bank. And there is a format for " the Deposit of Title Deed/deeds" and you shall execute the mortgage deed by way of deposit of title deed along with the BM of the bank.

krishna mohan (Expert) 20 January 2021
If it is a registered gift deed, you have to abide by Bank instructions to mortgage and register the same.

Rajendra K Goyal (Expert) 20 January 2021
Bank can proceed equitable mortgage, no need for registered mortgage of the property which is bit costly affair.

Guest (Expert) 20 January 2021
"Page Filler" should Understand that Concerned Bank is only insisting on Registered Mortgage and Not the Querist the Borrower. Or the " Page Filler " being an Retd Bank Officer " could make Recommendation to the Concerned Bank to Not to do the Registered Mortgage. That would be So Great and Very Nice of Him Please

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Gift deed property can b mortgaged or not

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