घर खरेदीदार म्हणून, तुम्हाला त्यांच्या हाऊसिंग लोन च्या सहकार्याने 'मॉर्टगेज' या शब्दाशी परिचित असण्याची शक्यता आहे. याचा अर्थ असा की लोन पूर्णपणे परतफेड होईपर्यंत प्रॉपर्टी डॉक्युमेंट्स तुमच्या लेंडरकडे राहतात. परंतु, तुम्हाला माहित आहे का की सामान्यपणे दोन प्रकारचे मॉर्टगेज आहेत - इक्विटेबल मॉर्टगेज आणि रजिस्टर्ड मॉर्टगेज?
या अटींचा अर्थ काय आहे याची खात्री नाही? हे गाईड तुम्हाला हाऊसिंग लोनवरील इक्विटेबल वि. रजिस्टर्ड मॉर्टगेज विषयी अधिक जाणून घेण्यास मदत करेल.
इक्विटेबल मॉर्टगेज म्हणजे काय?
साधी गहाण म्हणूनही ओळखली जाते, ही व्यवस्था सर्वात सामान्य आहे. या व्यवस्थेअंतर्गत, तुमचा लेंडर तुम्हाला 15 ते 20 वर्षांच्या दीर्घ कालावधीसाठी प्रिन्सिपल लोन देतो, ज्यामुळे रिटर्नमध्ये काही सिक्युरिटीची मागणी होते. त्यामुळे, तुम्ही खरेदी केलेले घर सिक्युरिटी बनते.
लोन पूर्णपणे परतफेड होईपर्यंत तुम्हाला तुमच्या लेंडरला मूळ टायटल डीड्स आणि इतर मालकीचे डॉक्युमेंट्स द्यावे लागतील. याचा अर्थ असा की जर तुम्ही तुमच्या ईएमआय वर डिफॉल्ट केले तर लेंडरला तुमची प्रॉपर्टी ताब्यात घेण्याचा अधिकार असेल.
इक्विटेबल मॉर्टगेज मध्ये, कर्जदार औपचारिक मॉर्टगेज डीड अंमलात न देता किंवा त्याची रजिस्टर न करता लेंडरला प्रॉपर्टीचे मूळ टायटल डीड्स सुपूर्द करून लोन सुरक्षित करतो. या प्रकारचे मॉर्टगेज टायटल डीड्स डिपॉझिट करून मॉर्टगेज म्हणूनही ओळखले जाते आणि ते प्रॉपर्टी ट्रान्सफर ॲक्ट अंतर्गत अधिसूचित नगरे आणि शहरांमध्ये कायदेशीररित्या वैध आहे.
The borrower may optionally sign a memorandum acknowledging the deposit of title deeds, and minimal stamp duty may be applicable depending on state laws. Since the mortgage is not registered, it does not become a part of public records, maintaining privacy for the borrower.
The loan is disbursed after the lender verifies the documents and is satisfied with the asset’s value.
What is a Registered Mortgage?
This is a more complex arrangement where the borrower willingly transfers full ownership rights of the property to the home loan lender in case of a default in loan repayment. Meaning, the lender will have the authority to dispose of your property in any manner they see fit, should you fail to repay the loan in full.
Under this arrangement, the lender has far more rights than a simple mortgage.
How Does Registered Mortgage Work?
A registered mortgage involves a formal legal agreement between the borrower and the lender, which is documented and registered with the local sub-registrar’s office. The process begins with the drafting of a mortgage deed that clearly outlines the terms and conditions of the loan, including repayment tenure, interest rates, and rights of the lender in case of default.
The borrower pays the applicable stamp duty and registration charges, which vary depending on the state’s regulations and the loan amount. Once both parties sign the deed, it is officially registered, creating a public record of the transaction. Only after this step is the loan amount disbursed to the borrower.
Difference Between Equitable Mortgage and Registered Mortgage
To give you a clearer picture, let’s compare equitable mortgage vs registered mortgage-
Point of Distinction
इक्विटेबल मॉर्टगेज
Registered Mortgage
Costs Involved
Since equitable mortgages are not registered and do not involve any legal action, all you need to do is buy a stamp paper and write down a Memorandum of Deposit (MoD) on it. So, the costs involved are lower than a registered agreement.
Under this arrangement, you are required to visit the sub-registrar’s office. The costs involved in registration may go as high as 5% of the total loan value.
Lender’s Rights
When you repay your loan in full, the lender will return your property documents without a formal procedure to record the submission. In case of a default, the lender may settle the loan by auctioning off the house. If the sale proceeds exceed the original market value, the lender will pay the excess to you.
Since the sub-registrar is aware of this agreement, the lender will enjoy rights over other parties if the property comes under dispute, and in case of a default, the ownership will transfer to the lender to do as they wish.
Borrower’s Rights
Though not registered with the sub-registrar, in case of disputes, you can approach the Central Registry of Securitisation Asset Reconstruction and Security Interest (CERSAI).
Because the agreement is known to the sub-registrar, you need not fear even in case of disputes regarding property ownership.
स्टँप ड्युटी
You need to pay a stamp duty of 0.1% to 0.2% on the home value
The stamp duty is 5% of the home value
Advantages & Disadvantages of Equitable Mortgage
Here are the advantages and disadvantages of equitable mortgage-
फायदे
तोटे
Lender and borrower details are private since it’s not a public record
Limited legal protection for parties since the identity is private
Lower administrative costs
Lack of transparency
No formalities of registration or legal documentation
Higher risk due to no legal backing
Higher flexibility
Establishing the terms can be challenging
Advantages & Disadvantages of Registered Mortgage
Let’s explore the pros and cons of registered mortgage-
फायदे
तोटे
Strong legal protection for both lender and borrower
Default may lead to legal consequences for the borrower
Allows property sale and transfer once the mortgage is cleared
Lack of privacy for lender and borrower
Borrowers may be able to fetch lower interest rates
Higher upfront cost due to registration and legal fees
Higher transparency since the mortgage details are publicly available
More paperwork and formalities involved than equitable mortgage
Follows a standardized legal process
Borrowers may have less flexibility in negotiating terms
Which is Better: Equitable or Registered Mortgage for Home Loans in India?
An equitable mortgage is often preferred for faster disbursal and lower upfront expenses, as it involves depositing property title deeds without formal registration. This makes it suitable for borrowers seeking quick funding with minimal charges.
A registered mortgage, on the other hand, offers stronger legal backing since the charge is officially recorded with the sub-registrar. While it may involve higher stamp duty and registration costs, it provides greater clarity and security for both lender and borrower.
Understanding the difference between mortgage and home loan is also important here. When evaluating a mortgage loan vs home loan, or even home equity loan vs mortgage, borrowers should assess long-term risk, ease of documentation, and total costs before deciding which mortgage type aligns best with their home loan needs.
Legal Implications & Documentation for Equitable Mortgage
Equitable mortgage is governed by the Transfer of Property Act, 1882
Title deed of the property is an important document to be deposited with the lender
Legal Implications & Documentation for Registered Mortgage
Registered mortgage also comes under Transfer of Property Act, 1882
A mortgage deed needs to be registered with a government authority
Key Factors to Look for When Choosing Between Equitable & Registered Mortgage
Before choosing between a registered and equitable mortgage, consider these key factors to make an informed decision-
इक्विटेबल मॉर्टगेज
Greater privacy: Since equitable mortgages aren’t typically registered with government authorities, they offer more privacy to both the borrower and the lender.
Flexible terms: These mortgages are based on mutual understanding, making the agreement more adaptable to individual needs and conditions.
Higher risk: Due to the lack of formal registration, lenders have limited legal recourse in the event of default, and borrowers may face less legal protection.
Registered Mortgage
Legal safeguards: Registered mortgages offer stronger legal backing, as the agreement is recorded with the sub-registrar and governed by clear legal provisions.
Full transparency: Registration makes the mortgage a public document, which increases transparency and ensures accountability from both parties.
Lower risk profile: Registered mortgages are ideal for high-value or commercial loans, where legal enforceability and security are essential for both lenders and borrowers.
When to Consider Equitable Mortgage Over Registered Mortgage
An equitable mortgage may be suitable when speed, minimal documentation, and cost efficiency are priorities. It is often preferred if you want quicker loan processing without paying stamp duty or registration charges upfront.
Borrowers who clearly understand the difference between mortgage and home loan may opt for this route when legal simplicity matters. When comparing home equity loan vs mortgage, an equitable mortgage works well for short- to medium-term borrowing needs. It is also helpful when refinancing or availing additional funding against property.
Understanding the difference between mortgage and home loan and evaluating home equity loan vs mortgage options can help borrowers choose a structure aligned with their financial goals.
निष्कर्ष
Choosing between an equitable and registered mortgage depends on your financial goals, risk appetite, and need for legal protection. Understanding the key differences helps you make a more informed and secure borrowing decision.
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इक्विटेबल मॉर्टगेज आणि रजिस्टर्ड मॉर्टगेज मधील प्रमुख फरक काय आहे?
इक्विटेबल मॉर्टगेज आणि रजिस्टर्ड मॉर्टगेज मधील प्रमुख फरक डॉक्युमेंटेशन आणि नोंदणी मध्ये आहे. प्रॉपर्टी टायटल डीड्स डिपॉझिट करून इक्विटेबल मॉर्टगेज तयार केले जाते, तर रजिस्टर्ड मॉर्टगेजसाठी प्राधिकरणांसह औपचारिक नोंदणी आवश्यक आहे. मॉर्टगेज आणि होम लोन मधील फरक समजून घेणे कर्जदारांना योग्य पर्याय निवडण्यास मदत करते.
इक्विटेबल मॉर्टगेजला सिम्पल मॉर्टगेज म्हणूनही ओळखले जाते का?
नाही, इक्विटेबल मॉर्टगेज हे सोप्या मॉर्टगेज प्रमाणे नाही. लेंडरकडे प्रॉपर्टी टायटल डीड्स डिपॉझिट करून इक्विटेबल मॉर्टगेज तयार केले जाते, तर सोप्या मॉर्टगेजसाठी औपचारिक नोंदणी आवश्यक आहे. होम इक्विटी लोन विरुद्ध मॉर्टगेज पर्यायांची तुलना करताना हे अंतर समजून घेणे मदत करते.
भारतात कोणत्या मॉर्टगेज पर्यायामध्ये कमी स्टँप ड्युटी आहे?
भारतात, इक्विटेबल मॉर्टगेज मध्ये सामान्यपणे रजिस्टर्ड मॉर्टगेजच्या तुलनेत कमी स्टँप ड्युटीचा समावेश होतो, कारण त्यासाठी औपचारिक प्रॉपर्टी रजिस्ट्रेशनची आवश्यकता नाही. मॉर्टगेज आणि होम लोन मधील फरक समजून घेणे कर्जदारांना योग्य मॉर्टगेज पर्याय निवडण्यापूर्वी खर्च परिणाम, कायदेशीर आवश्यकता आणि एकूण अफोर्डेबिलिटीचे मूल्यांकन करण्यास मदत करते.
मी माझी प्रॉपर्टी इक्विटेबल पासून रजिस्टर्ड मॉर्टगेज मध्ये नंतर बदलू शकतो/शकते का?
होय, लेंडरच्या पॉलिसी आणि लागू कायदेशीर औपचारिकतांच्या अधीन, सामान्यपणे इक्विटेबल मॉर्टगेज पासून नंतर रजिस्टर्ड मॉर्टगेजमध्ये स्विच करणे शक्य आहे. होम इक्विटी लोन वर्सिज मॉर्टगेज समजून घेणे कर्जदारांना अशा ट्रान्झिशन प्रभावीपणे योजना करण्यास मदत करते.
भारतात होम लोनसाठी प्रोसेस करण्यासाठी कोणते मॉर्टगेज जलद आहे?
भारतात, रजिस्टर्ड मॉर्टगेजपेक्षा इक्विटेबल मॉर्टगेज प्रोसेस सामान्यपणे जलद असते. यामध्ये औपचारिक नोंदणी, डॉक्युमेंटेशन शिवाय प्रॉपर्टी टायटल डीड्स डिपॉझिट करणे समाविष्ट असल्याने. पुढे, कायदेशीर प्रक्रिया सोपी आहेत, रजिस्टर्ड मॉर्टगेजच्या तुलनेत जलद लोन मंजुरी आणि डिस्बर्सल सक्षम करतात.
जर मी रजिस्टर्ड मॉर्टगेज वर इक्विटेबल मॉर्टगेज निवडले तर काही रिस्क आहेत का?
होय, इक्विटेबल मॉर्टगेजमध्ये काही रिस्क असतात. हे औपचारिकरित्या रजिस्टर्ड नसल्याने, विवादांच्या बाबतीत ते कमकुवत कायदेशीर संरक्षण ऑफर करू शकते. लेंडर कठोर अटी देखील लागू करू शकतात आणि इक्विटेबल मॉर्टगेज निवडण्यापूर्वी कर्जदारांना अंमलबजावणीचे अधिकार स्पष्टपणे समजून घेणे आवश्यक आहे.
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