What is the procedure to mortgage property?

847 votes

Mortgage of property can be done in six ways depending upon the suitability if parties and documents available. You can consult me or anyone who after getting to know what all documents are there with your friend can draft a mortgage deed regarding the same. It is important to have a well drafted mortgage deed so that your money is secured as every type of mortgage deed has its own conditions. If it is not well drafted your claim on the money may get vitiated.

LawRato LawRato

759 votes

For mortgaging any property to create security on the loan amount, you need to check the status of the property being mortgaged as in whether the property is registered in the name of the person to whom you are lending money or not. If not then don't. Bets documents for mortgaging are Sale deed, conveyance deed or will or gift deed in the name of the person to whom you are giving the loan amount otherwise not worth it.

For mortgaging the property, you enter into a mortgage deed with the person mortgaging his property and after the deed is signed by both the parties in presence of the witness, same is needed to be registered with registrar office of your local area.

Thank you.

Advocate Santosh Pandey LawRato

845 votes

Hello, he can mortgage any valuable properties like gold, car etc. This should be in an agreement and the amount would be 75% of mortgaged property, you can register this with the help of any legal person through sub registered office.
For any farther queries kindly contact.
Jayatee Chatterjee

Advocate Jayatee Chatterjee LawRato