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What is the difference between a registered mortgage and an equitable?

Mr. Anant Mise & Mr. Matruprasad Mishra have beautifully answered to this question. I will just try to put up the same in a laymans language. The mortgage is a means of securing some financial interest. Lets take an example for better understanding: Lets assume Akshay takes a home loan from Bank of Banks amounting Rs 20 Lacs. Bank of Banks puts a condition that if Akshay doesnt repay the loan, it shall recover it by selling Akshays 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!

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