Equitable mortgage amount clash
My bank financed an amount of Rs.28,50,000/- for my building but my builder is registering the sale deed for Rs.30,40,000/- and the actual sale of the property is for Rs.32,50,400/-. For what amount equitable mortgage should be to be created?
What the builder is doing is totally illegal and liable for prosecution. You are advised to get the sale deed registered at the agreed amount and the paid amount to the builder. The Memorandurm of deposit of title deeds should be created at at the loan amount.
If the builder refuses to execute the registration of the deed of sale for the said amount, then you can approach the court.
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