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Mortgage Process

Equitable mortgage:

An equitable mortgage in which the lender is secured by taking possession of all the original title documents of the property that serves as security for the mortgage. It gives the mortgagee the right to foreclose on the property, sell it, or appoint a receiver in case of nonpayment.

Registered Mortgage:

In a Registered Mortgage, the borrower has to create a charge on the property with the Sub-Registrar through a formal, written process as a proof of transfer of interest to the lender as security for the loan. It meets all the necessary legal requirements to create mortgage or a charge. If the borrower repays the loan according to the terms & conditions of the home loan agreement, the title of the property is given back to the borrower. The rights of the lender (as created during the legal process) will stand null and void on the property. However, if the borrower fails to fully repay the loan (i.e. interest plus principal), the lender will have the right to take possession of the property.

In case of registered mortgage the borrower need not submit the original property documents to the lender.

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