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?
Notice of Intimation of Mortgage - PROCESS AND PROCEDURE
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