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Registered vs Equitable Mortgage Gain a better understanding of these important mortgage distinctions

Herohousing" is a concept in relation to registered and equitable mortgages. It seems to be a term specific to a company, organization, or context that is not widely known or established in the field of mortgages.

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Registered vs Equitable Mortgage Gain a better understanding of these important mortgage distinctions

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  1. Understanding Key Distinctions Between Registered And Equitable Mortgage

  2. What Does an Equitable Mortgage Mean? • 1. • 2. • Equitable mortgages operate per the guidelines outlined in Section 58(f) of the Transfer of Property Act. • Mortgage terms are mutually agreed upon by all parties involved.

  3. What Does a Registered Mortgage Mean? • Under this, the charge created on the property needs to be registered with the sub-registrar. • The lender has the priority to recover dues using the mortgaged property over other creditors.

  4. Distinctions Between These Mortgages

  5. Registration Process • An equitable mortgage requires the filing of title deed deposits. • The registered mortgage must be registered at the sub-registrar office.

  6. Stamp duty A registered mortgage carries a 5% stamp duty, and the overall process is somewhat complicated.

  7. Risk involved • The risk of a fraudulent transaction from the borrower's end is significant with an equitable mortgage.

  8. Points to Remember About Equitable and Registered Mortgage • 1. • 2. • A registered mortgage necessitates proof of ownership. • Lenders typically prefer registered mortgages due to the security they provide.

  9. In the eyes of lenders, registered mortgages are the safest way to lend because they give them priority during the recovery process.

  10. Thank you! Would Love to hear from you. Hero Housing Finance Ltd. 09, Basant Lok, Vasant Vihar, New Delhi - 110057 Tel: 18001024145 Email: customer.care@herohfl.com Website: https://www.herohousingfinance.com/ Visit here: Registered vs Equitable Mortgage: Gain a better understanding of these important mortgage distinctions

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