dipali (labour consultant) 07 November 2019

legality of equitable mortagage

One of bank has granted loan against housing property located in BOMBAY. BANK IS IN GUJRAT AND MORTAGAGE IS CREATED IN GUJRAT OF THAT PROPERTY AT BOMBAY. WILL SUBREGISTRAR OF BOMBAY NOTE THE LIEN IN THIER BOOKS IN FAVOUR OF BANK IN GUJRAT. IF YES WHAT IS THE PROCEDURE.

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srinu rokkam 08 November 2019

YES. IT IS EQUITABLE MORTGAGE. AFTER TAKING SIGNATURES OF THE BORROWER, GUARANTOR, THE BANK WILL SEND THE DOCUMENTS FOR EQUITABLE MORTGAGE TO THE SUB REGISTRATION OFFICE. THAT SUB REGISTRATION OFFICE WILL SEND THE NEWS TO THE LOCAL SUB REGISTRATION OFFICE. MORE OVER OUR DOCUMENTS WILL BE WITH THE BANK. THEY WILL NOTE THE EQUITABLE MORTGAGE WITH THOSE DOCUMENTS ONLY. UNLESS AND UNTIL THE LOAN CLEARED THE REDUMPTION CAN NOT BE ALLOED.