Mortgage Deed Registration
A mortgage Deed is an agreement whereby a person (borrower) borrows a certain sum of money from a person (lender) against the security of an immoveable property. The borrower/mortgagee mortgages the property to borrow the sum of money from the lender/mortgagor. The lender may be an individual, a bank / financial institution or a company. In case the borrower fails to repay the borrowed money, the lender will have the right to recover his money by selling the property.
The term mortgage has been defined under Section 58 of the Transfer of Property Act, 1882. It also defines the following kinds of Mortgage:
- Simple Mortgage
- Mortgage by Conditional Sale
- Usufructuary Mortgage
- English Mortgage
- Equitable Mortgage / Mortgage by deposit of Title Deeds
- Anomalous Mortgage
Mortgage of Property by deposit of Title Deeds is the most common way of mortgaging the property by Banks in India. To prove the existence of an equitable mortgage, it is necessary to establish 3 things:
1. An existing or future debt
2. Deposit of Title Deeds / Documents (like Sale Deed / Conveyance Deed) of Property with the Lender
3. An intention to treat the Title Deeds as security for the debt / loan.
As per the Indian Registration Act, 1908 it is compulsory to get a mortgage deed registered in the sub registrar office after payment of proper stamp duty.
The stamp duty applicable in Delhi on a Mortgage Deed is 2% and the registration fee is 1% of the loan amount.
Our company provides services for Drafting and registration of Mortgage Deed in Delhi.
To get a Mortgage Deed registered in Delhi, you may contact us at 8800418408.
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