Under Article 40 of Schedule I of the Maharashtra Stamp Act.
Under Article 40(a) of Maharashtra Stamp Act. : Where possession of the property is given by the Mortgagor. Stamp Duty is 5% as per conveyance as above on the amount of Loan.
Under Article 40(b) of Maharashtra Stamp Act. : Where possession of the property is not given by the Mortgagor. Stamp Duty is 0.5% of amount of Loan Subject to Minimum of Rs. 100/- and maximum of Rs. 10,00,000/-.
Under Section 58 of The Transfer Of Property Act, 1882. Section 58(a) : A mortgage is the transfer of an interest in specific Immoveable property for the purpose of securing the payment of money advanced or to be advanced by way of loan, an existing or future debt, or the performance of an engagement which may give rise to a pecuniary liability.
Section 58(b) Simple Mortgage : Where, without delivering possession of the mortgaged property, the mortgagor binds himself personally to pay the mortgage-money, and agrees, expressly or impliedly, that, in the event of his failing to pay according to his contract, the mortgagee shall have a right to cause the mortgaged property to be sold and the proceeds of sale to be applied, so far as may be necessary, in payment of the mortgage-money, the transaction is called a simple mortgage and the mortgagee a simple mortgagee.
Section 58(d) Usufructuary Mortgage : Where the mortgagor delivers possession or expressly or by implication binds himself to deliver possession of the mortgaged property to the mortgagee, and authoresses him to retain such possession until payment of the mortgage-money, and to receive the rents and profits accruing from the property or any part of such rents and profits and to appropriate the same in lieu of interest or in payment of the mortgage-money, or partly in lieu of interest or partly in payment of the mortgage-money, the transaction is called a usufructuary mortgage and the mortgagee a usufructuary mortgagee.
Section 17 of the Registration Act, 1908
If an agreement is executed (signed) between the Mortgagor and the Mortgagee, it has to be compulsory registered. The usual time limit for registration is four months from the date of execution.
If such agreement is not executed, then the Mortgagor has to file a notice of intimation of such mortgage.
Deposit of Title Deed, Hypothecation or Pledge (Deed, Agreement or Letter) / Housing Loan
Under Article 6(i) of Schedule I of the Bombay Stamp Act, 1958.
If the Loan Amount does not exceed Rs. 5,00,000/-. Stamp Duty is 0.1% of the Loan Amount Subject to Minimum Rs. 100/-
If the Loan Amount Exceed Rs. 5,00,000/-. Stamp Duty is 0.2% of Loan Amount. (Maximum No Limits)
Under Section 58(f) of The Transfer Of Property Act, 1882.
Mortgage by deposit of title-deeds-Where a person in any of the following towns, namely, the towns of Mumbai, Calcutta, and Madras, and in any other town which the State Government concerned may, by notification in the Official Gazette, specify in this behalf, delivers to a creditor or his agent documents of title to immovable property, with intent to create a security thereon, the transaction is called a mortgage by deposit of title-deeds.
Registration Act, 1908 (Notification Dated 1st October 2013.)
No. 'RGN' 2013 / 993 / C. R. (171) / M-1. In exercise of the powers conferred by section 89D of the Registration Act, 1908 (16 of 1908) (hereinafter referred to as "the said Act,) and of all other powers enables in this behalf, the Government of Maharashtra hereby makes the following rules, for the filing of true copies of documents and notices referred in sections 89A and 89B of the said Act.
These rules may be called as the Maharashtra Filing of True Copies of Documents and Notices Rules, 2013.
Under Section 89B of The Registration Act, 1908
A new Section 89(b) is introduced in the said Act, which requires filling of notice of intimation of mortgage by way of Deposit of Title Deed.
Section 17 of the Registration Act, 1908 Provides the list of documents which are compulsory for registration. Through the above mentioned amendment, a new type of deed “The agreement relating to the Deposit of title deeds, where such deposit has been made by way of security for the repayment of a loan or existing or further debts.” (which is generally known as ‘Equitable Mortgage Deed’) is added in this list.
w.e.f. 1st April 2013
If Mortgage Deed is not executed, by the Mortgagor and Mortgagee then the Mortgagor has to file a notice of intimation of such mortgage. This notice should be filed within 30 days from the date of mortgage.
Any person who fails to file such notice within the prescribed time limit shall be liable for punishment under section 89C of The Registration Act 1908.
Re conveyance of Mortgage u/a 51 of Schedule I of Maharashtra Stamp Act.
Stamp Duty is 500/- and Registration fee is 100/-
Reconveyance deed is a kind of document which has to execute by the borrower (Mortgage) after making full payment of the debt against the
property mortgage to bank or financial institution (Mortgagor).
A Deed of Re conveyance must be register where the property located in the jurisdiction of the Registrar of Assurance.
It is proof of evidence that the mortgage has cleared all the due with interest been paid in full (debt) to mortgagor.
If Deed of Re conveyance is not registered, then the debt will still be shown against the property in the records of Registrar.