what is mortgage | equitable and registered mortgage | mortgage deed format pdf | #propertyplans
https://youtu.be/MYgfhgd5gtU?sub-confirmation=1
What is Mortgage:-
Your property like Plot, House, Shop etc. retained by the Bank as security in lieu of loan is called Mortgage.
Normally, bank mortgaged your property in two ways.
i. Equitable Mortgage
ii. Registered Mortgage
i. Equitable Mortgage:-
Bank collects the original documents of property like Registered Sale Deed/Registry from you just to secure the repayment of loan.
Bank prepared equitable mortgage by preparing a deed on a stamp paper valuing Rs.100/- with the title “Memorandum of Deposit of Title Documents”. Original deed has been shown in video for your better understanding.
ii. Registered Mortgage:-
Bank got prepared a mortgage deed valuing Rs.100,000/- on a stamp paper and registered the same with the office of Sub-Registrar or Computerized Land Record Office.
Preparation and registration of mortgage deed is a lengthy and costly process. Anyhow, it is requirement of the bank so we are going to discuss this process in detail.
There are five steps of Registered Mortgage Deed.
1. Fard Malkiet for Loan
2. Legal Advisor Fee
3. Preparation of Mortgage Deed
4. Attachment of Required Documents:- Four types of documents are required to attach with the Deed.
i. CNIC of, Mortgagor, Mortgagee & two witnesses
ii. Original Challan Forms 32-A i.e. comparison fee & Estamp Paper fee
iii. Authority Letter of Bank Representative
iv. Fard-e-Malkiet for Loan
5. Registration of Deed at Sub-Registrar Office.
In this video, we have discussed these five steps in detail. Plz watch the whole video to understand above mentioned five steps of Registered Mortgage Deed.
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