Mortgage to banks
This query is : Resolved
19 September 2008
what's difference between Registered Mortgage and Equitable Mortgage in field of banking terminology.
19 September 2008
Registered mortgage is in which the concerned document is registered with the sub registry.
Equitable mortgage is created by depositing the title deeds with the bank only.
Equitable mortgage is created by depositing the title deeds with the bank only.
19 September 2008
Yes, Mr. Chakrapani has explained the term but I would like to add that the Registered Mortgage also known as Legal Mortgage is created and registered by the operation of law in cases where the Title to property has not been obtained by the execution of a deed but a family sttlement or the decree in a suit for declaration is available in support thereof. Person in whose favour mortgage is being given generally insist for a Registered Mortgage if title is not available in the form of a Sale Deed.
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