what is mortgage | equitable and registered mortgage | mortgage deed format pdf |

what is mortgage | equitable and registered mortgage | mortgage deed format pdf | #propertyplans
   • what is mortgage | equitable and  reg...  

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
5. Registration of Deed at Sub-Registrar Officer or
Computerized Land Record Office

Step No.1. Fard Malkiet for Loan:- Goto the office of Patwari of your area and get Fard for Loan.

Step No.2. Legal Advisor Fee:- All the banks have appointed legal advisor/advocate for their branches just to handle their documentation in accordance with law. Bank shall advise you to prepare Registered Mortgage Deed from its suggested legal advisor who shall charge you legal fee for the service.

Step No.3. Preparation of Mortgage Deed:- It is the responsibility of the legal advisor to prepare Registered Mortgage Deed but for your better understanding, this process is discussed in detail in this video. Original deed has also been shared in video.

Step No.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

Step No.5. Registration of Deed at Sub-Registrar Office:- Your Statements before Sub-Registrar to verify the Deed, snaps, affixing thumb impressions & Sign and registration of Deed by Registration Clerk.
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.

--Video Content--
00:00 Types of Mortgage,
00:18 What is Mortgage,
00:48 What is equitable mortgage, Memorandum of Deposit of Title Deed,
03:02 Process of preparation and registration of mortgage deed,
03:17 Step No.1 Fard-e-Malkiet for Loan,
03:39 Step No.2 Legal Advisor Fee,
03:52 Challan form 32-A for comparison fee,
04:10 Challan form 32-A for Estamp Paper,
05:05 Step No.3 Preparation of Mortgage Deed,
07:48 Step No.4 Attachment of Required Documents,
09:00 Step No.5 Registration of Mortgage Deed at Sub-Registrar Office,
10:13 Thanks for Watching,


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