Franking Fee On Loan Agreement In Maharashtra

In accordance with Article 40 of the Schedule I of the Maharashtra Stamp Act. In accordance with Article 40 A of the Maharashtra Stamp Act.: Where ownership of the property is given by the Mortgagor. Stamp duty is 5% per transport, depending on the increase in the amount of the loan. In accordance with Section 40, Point b), of the Maharashtra Stamp Act.: Where ownership of the property is not given by the Mortgagor. Stamp duty is 0.5% of the loan amount, which is subject to at least 100 ru. and to a maximum of 10,00,000 ru. and a maximum of 10,00,000. Under Section 58 of the Transfer of Property Act, 1882. Section 58, Point a): A mortgage is the transfer of an interest in certain personal property for the purpose of guaranteeing payment of advanced loan money, an existing or future debt, or the performance of a debt obligation that may give rise to a wealth liability. Section 58 (b) Simple mortgage: where, without delivering the holding of the mortgaged property, mortgagor personally undertakes to pay the mortgage money and expressly or implicitly accepts that, in the event of non-payment, the mortgage has the right, under its contract, to proceed with the sale of the mortgaged property and the use of the proceeds of the sale, if necessary, at the time of payment. Section 58 (d) Usufructuary Mortgage: If Mortgagor explicitly or implicitly commits to providing ownership of the mortgaged property to the mortgage borrower and allows him to retain the property until the mortgage is paid, and to receive rents and profits from the property or some of these rents and profits, even instead of interest or in the payment of the mortgage currency.

, or partly instead of interest or partly in payment of the mortgage, the transaction is called Usfructuary Mortgage and the mortgage a Usufructuary Mortgagee. Section 17 of the Registration Act, 1908 If an agreement between Mortgagor and Mortgagee is executed (signed), it must be registered.

09. December 2020 by
Leave a comment