Mortgage Deed: Fill & Download for Free

The terms sale deed and conveyance deed are often used interchangeably. It creates some confusion in the mind of a lay person.A conveyance deed is a broader term which includes all types of deeds including a sale deed, mortgage deed, lease deed, gift deed etc.All sale deeds are conveyance deeds. But, all conveyance deeds are not sale deeds, thereby broadening the ambit of conveyance deed.As legal experts say “a conveyance deed is a genus and a sale deed is its species”

Let’s change the scale, and look at the question from a different perspective: Instead of 7,000 immigrants lets say 7, and instead of a country, let’s say a “home”- YOUR home.A Hungarian man ( Soros ) has paid seven people to walk 2 miles, and enter your home, uninvited, through the back door. The have been told that once they reach your home, they can walk in, and all their needs will be taken care of: food, medical, dental, job, transportation, and they can live there as long as they wish, and do whatever they desire without cost. They will be Free!Do you see anything wrong with that scenario so far? ( it gets more complex ) If one of the women gives birth in your home, is the child a partial owner… with all the rights and benefits that you have as the mortgage/deed holder?Can those seven people fly their flag in your yard, make demands on your time, and hospitality? Are they free to invite their families and friends to come & live in the home? Use your facilities, land, and tools for whatever they want?Will you feel obliged to feed them, see that they are comfortable, ..give them some spending money, and pay for their education?People are Welcome in my home. If they knock on the “front door” and are invited in. If they treat my family and me with respect, respect our privacy, traditions, property, and rights, they will be treated with respect, and welcomed as friends. I will gladly offer visitors/friends the best that I have in the way of food, drink, and entertainment. I will likely say: “Make yourself at home,” and mean the words sincerely. If in need, I will help, if injured, I will respond, or will see that they receive medical attention. People will find that I am a polite and amiable host when properly approached. I believe that most Americans are.Likewise, I believe that most Americans would object to uninvited people entering their homes, by means other than the front door, expecting to live in their homes-rent free, be provided for, fed, and treated as a legal owner.There is a proper way to do things. 7,000 people ( infiltrated by ISIS, MS-13 and other gangs, drug runners & exiles ) strewing trash over a 2500 mile trek, fighting with Police, and forcing their way into a country without even identification …is not the way.

Mr. Anant Mise & Mr. Matruprasad Mishra have beautifully answered to this question. I will just try to put up the same in a layman’s language.The mortgage is a means of securing some financial interest. Let’s take an example for better understanding:Let’s assume Akshay takes a home loan from “Bank of Banks” amounting Rs 20 Lacs. Bank of Banks puts a condition that if Akshay doesn’t repay the loan, it shall recover it by selling Akshay’s house. Here, Akshay is said to have mortgaged his house with Bank of Banks.Now if Bank of Banks and Akshay decides to enter into a formal contract for this mortgage agreement - it is known as Registered Mortgage.The terms of the mortgage will be written clearly in a Mortgage Deed which will include details like loan value, when and how the mortgage would be enforced, details of the property, etc. This document is further stamped by paying a stamp duty fee to the Gov and thus the mortgage is registered.Payment of stamp duty fee and other registration costs make registration of mortgage a time to consume and a little expensive process.Registering a mortgage deed ensures that mortgage reflects against the said property in the government records. Title to the property would therefore not be clear until the mortgage is released. This way both the lender and borrower is secured.Now, there is an alternative to the above process - Equitable Mortgage. It is less time consuming and an inexpensive process.Here, Akshay just needs to submit all the original property documents to Bank of Banks and this is validated through a “memorandum”, which specifies that the equitable mortgage is created. This memorandum is known as MOE (Memorandum of Entry) which is registered to make it a legal document. A small fee is charged and it varies state to state in India.Also, in the equitable mortgage, only the bank, and customer knows about the mortgage arrangement. There are no government records available for the same.Generally, NBFCs & HFCs prefer equitable mortgage over registered mortgage due to the convenience factor!