IREF® Real Estate in India - Property Discussion
Revert to old theme

Download our app now !

Reply
4Likes

Filing Notice of Intimation for Equitable Mortgage
June 5 2013 , 12:24 AM   #1
New Member

yedababbar's Avatar
 
Join Date: Feb 2013
Posts: 27
Likes Received: 6
Filing Notice of Intimation for Equitable Mortgage

Hi all,

From 1-Apr-13, its mandatory to file notice of intimation if we have taken home loan by submitting title deeds to bank. Its to be done within 30 days from date of mortgage.

There is no clear information about it. My mortgage date is 10-Apr-13. Bank sent me letter which shows dated 24-Apr-13 regarding this filing but I received it on 30-May-13 !!!!

Nowhere it is mentioned what to do if we are filing after 30 days. Also, I learnt that they are asking for various documents at the time of registration which are not mentioned in bank's letter.

If somebody can throw light on what documents need to be submitted, what is to be done if filing is being done after 30 days, it would be great..

Thanks in advance.
prakharm and prasad82 like this.
June 18 2013 , 04:44 PM   #2
New Member

d4darshanp's Avatar
 
Join Date: Jun 2013
Posts: 2
Likes Received: 0
Bank Fault??

I have recently purchased a home loan from a leading Public Sector bank. As per the amendment to the Registration Act of 1908, bank has to give me a format for giving a letter of Intimation to the Registration department. This format along with Rs. 1300 has to be submitted at the Registration Dept. within 30 days.


Bank gave me the format on 29th Day. It was not possible for me to do the Franking, Demand Draft and going to Registration and complete the formalities. Also as the rule is new, nobody knew what exactly has to be done.


Some people are saying, One has to do the Registered Mortgage. I have no idea about that.


My Query is: if one is unable to give the letter of intimation and Rs. 1300 within 30 days? What should one do? Will there be any penalty?
June 21 2013 , 11:21 PM   #3
New Member

prakharm's Avatar
 
Join Date: Jun 2013
Posts: 3
Likes Received: 0

I am also unable to give letter of intimation in 30days. Please let me know what shd be done?? Any idea about fine or process to be followed
June 23 2013 , 01:05 PM   #4
New Member

samratp's Avatar
 
Join Date: Jun 2013
Posts: 2
Likes Received: 0
Notice of Intimation of Mortgage - PROCESS AND PROCEDURE

Yes,
There has been a modification in the Maharashtra State Registration act and the modification has been notified on 24/04/2013. Hence, it is the liability of the mortgagor to intimate the mortgage and the onus lies on the mortgagor (purchaser of home)

If this mortgage is not intimated within 30days, there is provision of fine in the provisions of the amendment.

Please find the attached format below for Notice of Intimation regarding mortgage

Here are the steps that needs to be done:
1) The mortgagor would fill in the details in the notice (attached), which would be confirmed and signed by the mortgagee (banker) alongwith his name. The photograph of mortgagor needs to be attested by the mortgagee.
2) Stamping of Rs.100/- needs to be done on the Notice of intimation regarding mortgage.
3)Rs.1000/- Demand draft needs to be made favoring the Sub-Registrar office where the Agreement to Mortgage or Sale Deed was registered (ie. Jurisdiction of Sub Registrar office in whose area the property lies)
4) Rs.300/- as document handling charges needs to be paid in cash at the Sub-registrar office.
5) Attach the copy of Memorandum of Deposit which should be adequately stamped(This is verified by sub-registrar office)
6) Attach copy of your PAN card or ID proof alongwith the notice.
7) Some Sub-Registrar offices may ask for copy of ID card of Mortgagee (banker)
8) All documents needs to be attested and verified by the banker

9)Once this document set is ready make a copy (documents you have made from steps 1 to 7)

Both original and copy of Notice of Intimation regarding mortgage needs to be submitted to the sub-registrar office. The Copy would be stamped "Received for e-filing on date:_______" and returned. This copy needs to be submitted to the mortgagee and a copy needs to be retained by the mortgagor for future.

**THERE IS NO NEED TO CREATE A REGISTERED MORTGAGE UNLESS THE ADVOCATE HAS RECOMMENDED FOR SUCH A MORTGAGE OR THERE ARE OTHER RISKS ASSOCIATED WITH THE MORTGAGE BY DEPOSIT OF TITLE DEED**

Hope this would help.

Please Find the attached Revised Notice of Intimation of Mortgage
Attached Files
File Type: doc Notice of Intimation of Mortgage- Revised Format.doc (61.5 KB, 2009 views)
June 23 2013 , 01:17 PM   #5
New Member

samratp's Avatar
 
Join Date: Jun 2013
Posts: 2
Likes Received: 0
Fine

Quote:
Originally Posted by prakharm
I am also unable to give letter of intimation in 30days. Please let me know what shd be done?? Any idea about fine or process to be followed
There is a provision of fine or you can ask the mortgager to again recreate the mortgage to with a fresh date to avoid fine..

But I think the fine would be less than RECREATING THE MORTGAGE. The Irony of the situation is that "Many Sub-registrar offices are also unaware of this provision."

THIS MANUAL FILING PROCESS IS ONLY AN INTERIM ARRANGEMENT TILL INFRASTRUCTURE FOR e-Filing is in place by the Government of Maharashtra.

http://igrmaharashtra.gov.in/writeda...d%20Format.pdf

http://igrmaharashtra.gov.in/writeda...%20motgage.pdf
June 23 2013 , 10:55 PM   #6
New Member

yedababbar's Avatar
 
Join Date: Feb 2013
Posts: 27
Likes Received: 6
where is provision for file

Quote:
Originally Posted by samratp
There is a provision of fine or you can ask the mortgager to again recreate the mortgage to with a fresh date to avoid fine..

But I think the fine would be less than RECREATING THE MORTGAGE. The Irony of the situation is that "Many Sub-registrar offices are also unaware of this provision."

THIS MANUAL FILING PROCESS IS ONLY AN INTERIM ARRANGEMENT TILL INFRASTRUCTURE FOR e-Filing is in place by the Government of Maharashtra.

http://igrmaharashtra.gov.in/writeda...d%20Format.pdf

http://igrmaharashtra.gov.in/writeda...%20motgage.pdf
I believe there is no provision for fine
see this faq no 2

http://igrmaharashtra.gov.in/writeda...gofnotices.pdf
June 25 2013 , 11:51 PM   #7
New Member

prakharm's Avatar
 
Join Date: Jun 2013
Posts: 3
Likes Received: 0

I went to registrar office today..as 30 days ended yesterday only..
They didnt accepted by my papers..and they are also no aware of this process,fine..

Bank is also not aware of fine and the process to be followed



Quote:
Originally Posted by samratp
There is a provision of fine or you can ask the mortgager to again recreate the mortgage to with a fresh date to avoid fine..

But I think the fine would be less than RECREATING THE MORTGAGE. The Irony of the situation is that "Many Sub-registrar offices are also unaware of this provision."

THIS MANUAL FILING PROCESS IS ONLY AN INTERIM ARRANGEMENT TILL INFRASTRUCTURE FOR e-Filing is in place by the Government of Maharashtra.

http://igrmaharashtra.gov.in/writeda...d%20Format.pdf

http://igrmaharashtra.gov.in/writeda...%20motgage.pdf
July 26 2013 , 02:05 PM   #8
New Member

prasad82's Avatar
 
Join Date: Jul 2013
Posts: 1
Likes Received: 0
Provision for finr for not filing intimation of mortgage to registrar

Hi,
Any updates on the provision of fine or any updates on the consequences if this formality is not done within 30 days, please let all know.

I had asked my agent to do this.
July 28 2013 , 10:38 PM   #9
New Member

kundandalvi's Avatar
 
Join Date: Jul 2013
Posts: 1
Likes Received: 0

Quote:
Originally Posted by prasad82
Hi,
Any updates on the provision of fine or any updates on the consequences if this formality is not done within 30 days, please let all know.

I had asked my agent to do this.
Hey Prasad,

did your agent manage to file it after 30 days got over? Any idea what one has to do if 30 days are over?

Thanks

Kundan
July 30 2013 , 09:10 PM   #10
New Member

manavendra99's Avatar
 
Join Date: Jul 2013
Posts: 1
Likes Received: 0

hi, got to know from web it is 30000 or 1% of loan amount whichever is lesser for the penalty if 30 day time line is missed? does anybody know about it?
Choose theme from here -
LinkBack
LinkBack URL LinkBack URL
About LinkBacks About LinkBacks