How to register your mortgage with a national bank

 

How to register your mortgage with a national bank like HDFC in India. 

 

Here's the general process:

 

1. Loan Sanction and Documentation

• Approval: First, HDFC will approve your home loan based on your application and verification.

• Documentation: Tumhi avasyaka kagadapatre sadara karane.(property papers, KYC documents, income proof, etc.).

 

2. Drafting the Mortgage Deed

• Mortgage Type: Typically, HDFC uses an equitable mortgage (deposit of title deeds).

• Preparation: A Mortgage Deed (Jyala Title Deeds ṭhevica memoramḍama kinva MODT dekhila mhaṇatata) is drafted.

• It will detail the property being mortgaged and the loan amount.

 

3. Stamp Duty Payment

• Stamp Duty: Before registration, you must pay stamp duty applicable on the mortgage deed.

  𑇐 Varies by state (e.g., in Maharashtra, it's 0.2% of the loan amount; in Karnataka, 0.1%–0.3%).

• Paid via e-stamp paper Kinva at a Sarakaree counter.

 

4. Registration at Sub-Registrar’s Office

• Physical Registration: You (the borrower) and a bank representative must visit the local Sub-Registrar Office.

• Documents Needed:

  𑇐 ID proofs

  𑇐 Muḷa malamatteci kagadapatra

• Gr̥uhakarja karara/MODT

• Karja manjuri patra
  

• Execution: You sign the Gr̥uhakarja karara in front of the Sub-Registrar.

• Registration Fee: Also payable (around 0.1%–0.5% of loan amount, depending on the state).

 

5. Post-Registration

• Registrar’s Stamp: Your mortgage is officially recorded.

• Bank Custody: HDFC keeps the original registered Mortgage Deed and property title documents until the loan is repaid.

• You get a certified copy if needed.

 

Notes:

• Timelines: Registration should usually happen within 30 days of the mortgage deed execution.

• Penalty: Delay may attract penalties (especially for stamp duty payment).

• Legal Help: Some banks, including HDFC, appoint lawyers to assist in the drafting and registration.