Registered / legal mortagage

An equitable mrtgage is created by depositing the original title deeds of immovable property with the Mortgagee to secure the loan taken from the mortgagee or to secure any other obligation created in favor of the mortgagee. The deposit should be made only at notified towns or places. Almost all commercial centers and metro cities are notified. This does not require execution of mortgage deed. Only a memorandum of deposit of title deeds is recorded by the mortgagee and kept on his record. Now a days most of the states have amended their stamp laws imposing stamp duty on the memorandum at a concessional rate. All other kinds of mortgages like simple mortgage, usufructuary mortgage, English mortgage etc require execution of deed of mortgage. Wnen the mortgage debt is discharge fully, the mortgagor should get the certificate of discharge in the case of e. mortgage and in thecase of English mortgage reconveyance of the property. For more details it is suggested that u should read Section 58 of the Transfer of Property Act. As regards stamp duty in Delhi pl check the relevant stamp law.