FAQ - Notice of Intimation regarding Mortgage

1. What is the time limit for filing of notice?

The notice should be filed within 30 days from the date of mortgage.

2. Can the time limit be extended in exceptional cases or otherwise?

No. As it is a legal provision and not an administrative order; the time limit cannot be extended.

3. Whose responsibility is it to file "The Notice Of Intimation" ?

The responsibility of Filing the Notice of Intimation lies solely with the mortgagor/s, borrower/s.

4. What happens when the mortgagor or borrower/s fail to Register : The Notice of Intimation"?

If the mortgagor/s, borrower/s fails to file the Notice of Intimation within 30 days of creation of "Equitable Mortgage" [EM] before the registering officer then:

  1. the mortgagor entering into any transaction in relation to or the affecting property which is the subject matter of the mortgage, with a third party such a transaction shall be void and the third party shall be void and the third party shall be entitled to refund of any amount paid by him together with interest at 12% from the date of payment and also to compensation for any damages suffered by him, from the transferor
  2. There shall the borrower shall be punished with imprisonment for a term which shall not be less than 1 year, but which may be for a term which may extend to 3 years and also be liable to fine.
5. Where the notice has to be filed?

The notice has to be filed to the Sub Registrar office, within whose jurisdiction the property (of which the title deeds are deposited) is situated.

6. Whether the days are fixed for physical filing?

The designated offices can accept the notice for filing on any working day in the working hours.

7. How much stamp duty has to be Paid for Equitable Mortgage?

The Stamp Duty is chargeable as per Article 6 of the Maharashtra Stamp Act 1958,.i.e. @ 0.1% if the Loan amount is Rs 5 lakh or below, and @ 0.2% if the Loan amount is above Rs.500000/-. If the stamp duty as above is paid on any other document like Memorandum or agreement for same loan transaction then Stamp Duty of Rs 100/- has to be paid on the notice.

8. Filing Charges & other miscellaneous charges?

The filing fee is Rs 1000/- irrespective of the Loan amount. Automated Notice of Intimation regarding Mortgage by way of deposit of Title deeds” to be franked of Rs.100/- For physical filing the document handling charges of Rs 300/- has to be paid.