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krishna (CA)     22 February 2010

Equitable Mortgage

I loaned some money to a friend 8 years back against equitable mortgage. What is the time limit for filing a suit for recovery of the amount  in case of non-payment please?



 5 Replies

krishna (CA)     25 February 2010

Going through some other questions on the same subject in the forum, I realized I should provide more information:

1. Amount : Rs 4 lacs

2. Loan given Jan 2002

3. Last payment received  by cheque : Dec 2007.Subsequent payment received in cash in  April 2008.Amount outstanding other than interest approximately Rs 2 lacs. Value of property Rs 10 lacs.

4. Interest rate specified 15% p.a

I shall be thankful if the senior members on the forum can advise me.

Also I would like to know if the matter goes to the court, will there be any issues with interest rate specified in the the mortgage document.


rajkumar.vnm.marupeddi (advocate)     26 February 2010

The limitation of Equitable morgage is 12 years, if the memorandum of Equitble Mortgage is validly executed. Otherwise, it is three years only.

krishna (CA)     28 February 2010

Thank you Mr Rajkumar ,for your reply. The mortgage has been registered paying the required stamp duty and hence I am thinking that it is validly executed. The property and the registration of mortgage are done in Andhra Pradesh.

 12 years period will be counted in this from Jan 2002 (mortgage date) or the payment date please? Can you also advise me about the interest arte please?

Thanks a lot for your help.,




megous (maneger)     08 December 2010

In the current home financing market, the loan to value ratio is not as critical as it used to be. There are now a bevy of lenders that specialize in particular types of loans, particularly high loan to value ratio mortgages. If you are looking at a high loan to value ratio, a mortgage broker is your best option to finding the best deal.


Mortgage Interest Rates

Hackenberg (fhngfhfhg)     25 December 2010

A legal mortgage but comes into effect by an agreement to create a legal mortgage or by the creation of an equitable charge such as for the repayment of a loan. It gives the mortgagee the right to foreclose on the property, sell it, or appoint a receiver in case of non payment.



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