Registration of Equitable Mortgage Deed (Home Loan)

Form 1^st April 2013, if you are putting any your home as mortgage to bank or any other institution, it is mandatory for you to intimate the same to the registrar. This is something new and for the same reason I’m writing my experience here.

I have taken a home loan from a private bank and it has done a part disbursement. Some days back, a bank executive called me and told me that you have to get some papers submitted to sub-registrar and this is  mandatory  to be done within 30 days of disbursement of amount. As would any commoner in India, I too hate to go to any public office and when it’s something like a Registrar Office, I hesitated a bit. On some googling I found that bank can do it online also, and I yelled back on the executive. But he told me that his bank (or rather no major banks) has started that. So I finally pulled up my shocks.

Wait Wait…

before you call your advocate uncle or run to your local sub-registrar office, let me tell you that there are only 3 sub-registrar meant to do it in Pune. And that too they do it only on designated days from 10 Am to 1 PM. Do check with your banks for the addresses and timings. The easily accessible is Sub-Registrar Office No. 23, which is near GPO. It is just opposite to BJ Medical College Girls Hostel. You can drive down to Pune Police Commissioner Office or Photozinco Office and ask anyone or drive forward on Church Road.

The banks official gave me the complete set of documents attested by them and asked me visit the sub-registrar office. As mine was a private bank, they took all the efforts for me. Persons those have taken loans form public banks like SBI have to arrange it by all themselves. Here are the list of documents that need to submitted

1. The notice of intimation form franked for Rs.100 needs to be submitted along with all details filled in with photos affixed of mortgagor duly signed by bank official. My bank got me franks. Public banks even don’t bother to do that, so you need to get a stamp paper of 100 Rupees and all the mortgagor need to sign on it or else get the notice franked for 100 Rupees.
2. The said notice to be enclosed with duly executed(franked) Loan Agreement copy, accepted sanction letter and Index-II copy of property mortgaged duly signed by bank official.
3. Self-attested KYC (PAN Card) Copy of the designated officer from back along with his/her stamp.  
4. Self-attested KYC (PAN Card) Copy of all the loan applicants.  
5. A 1000 Rupees DD in favour of “JOINT SUB-REGISTRAR HAVELI NO.1” payable at Pune. In case you are not going to Sub-Registrar Office No. 23, do check the name in the DD.
6. 300 Rupees in cash for document handling.

Once you have all these in hand, take a day holiday (yes you’ll need it) and go to sub-registrar office. There is a window which will have a line in front of it. Join it J  

As I love to be early bird I was the sixth person but don’t worry the line is fast moving. There will be token numbers given to you and you have to fill a green coloured form there (rather 2 copies of same form). The form will be in Marathi but don’t worry you will get sufficient help in the line. This is what being Indian is all about. Once the form is submitted you have to come back at 4 PM to the same window and collect your receipt by just telling your name.

Done. All Over. Just give the receipt to your bank and live happily ever after.

Note:

1. All the persons who have taken the loan must be present at sub-registrar office.
2. In case your property is in Pune Rural Area, please do check with local sub-registrar office before coming here. A couple standing in front of me was returned back as their property was in Pune Rural Area.
3. Do collect the receipt the same day. They don’t entertain any backlog and you too know how public offices work in India.
4. Government is pushing banks hard to start the online system. Do check with your bank.
5. NO need for any brokers.
6. In case you are not able to do it in 30 days, they say it will be a 30,000 Rupees fine (no confirmation)
7. This is all from my experience. Please don’t come hunting for me if you find some alteration. J

Good Luck. And yes of course, congratulations for your new home.