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New Rules To Curb Many Loans On One Property

Courtesy/By: Shubham Mathur | 26 Nov 2018

Anyone mortgaging property now needs to submit details of the title deed, made with any financial institution, to the sub-registrar's office within a month. This decision was taken by the Inspector General of Registration (IGR) and Stamps to curb fraudulent practices, including taking loans against the same property from multiple banks and selling it off to a third party without informing the bank. The IGR issued a circular to this effect last week, directing property owners in 29 cities, including Mumbai and Pune, to strictly follow the practice. As per rules, a stamp duty of 0.2% will be applicable on title deed submission in these cities.

As per an amendment to the Registration Act, 1908, it is mandatory to register the agreement between a creditor and a debtor if there is a loan transaction by way of mortgage by title deed submission. Even if an individual registers a regular sale deed with IGR, s/he still has to submit the mortgage title deeds - so that an e-search will reflect all transactions against the property, said a senior official.

Courtesy/By: Shubham Mathur | 26 Nov 2018