Mortgage on unregistered will

After Mr A's death, the will came into force. So B and C can mortgage the property.

It makes no difference whether the Will is registered or otherwise. The Will is valid if executed in accordance with the requirements of law. With the demise of the testator, the properties are vested with the legatees.

By the way, what is the context for this quuery?

Registration of will is not mandatory .A unregistered will is perfectly legal and valid if it contains the signaures of testator and two witnesses. On basis of will property has been muted in name of B & C now they can mortgage the property and get loan from Bank or any financial agency.

A Will is an instrument that will confer title of the assets to the beneficiaries upon the Will becomes enforceable. 

Therefore, especially when the Will was acted upon and got the property mutated on the name of the beneficiaries, a loan against the property including mortgage loan can be obtained on the basis of this Will.

An unregistered Will is also considered as a legally valid document provided it has been signed by the testator and duly attested by two witnesses. 

The property devolved upon the beneficiary of the will have already been mutated in favour of B & C as joint owners, accordingly title of the property is transferred in their (B & C) names and both of them are absolute joint owners and they (jointly) are competent to mortgage it.

The query was about the Will being a fit instrument to be deposted as Title Deed in the bank for securing Equitable Mortgage in any loan.
Since the Will is not registered, will this fact make the will an unfit document for creation of EM by the any financial institution.???

The beneficiary of a will does not automatically acquire legal title to the property after the testator dies. The property must first pass through a legal process to confirm the will's validity.

A will is not conclusive proof of ownership and can be legally challenged by other legal heirs. Lenders cannot accept an unconfirmed will as security, as the title to the property is not yet certain. 

 If the deceased left a valid will, the executor may obtain a probate certificate from a court. 

If there are multiple legal heirs, you must obtain a No-Objection Certificate (NOC) from each one to prove that no other heirs will challenge the inheritance.

The property's title and ownership records must be formally transferred and mutated to reflect the beneficiary as the new owner. Mutation is the process of updating the land revenue records with the local municipality.

After successfully completing the above steps, the beneficiary will have the required title documents and a clear title to present to the bank for a mortgage loan.