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    J Sai Rani
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    Question Equitable Mortgage by deposit of title deeds


    Sir, I am working for MTNL, Mumbai. I have taken a housing loan from MTNL. The house taken with loan of Rs.8,00,000/- is in Hyderabad. After completion they have asked me to do Registered mortgage deed. Whereas for the officials who have taken house in Mumbai they are accepting mortgage by deposit of title deed. This is a clear differentiation shown for natives of Mumbai and other then Mumbai with in India.

    So I requested them that as per AP govt rules Registration of mortgage is costing me around Rs.40,000/-, whereas Mumbai officials Mortgage is costing around Rs.8,000/-

    So I have given a representation quoting Transfer of Property Act,1882, Section 58(f). The Hon'ble Supreme Court orders in Rachpl Maharaj Vs Daruka and Others [AIR1950SC272], Veeramachineni Gangadhara Rao Vs The Andhra Bank Ltd and others[1971SCC(I)874].
    the Hon'ble Supreme Court in United Bank of IndiaLtd Vs Lekharam Sonaram & Co[AIR 1965 SC 1951].

    As per the above legal position mortgage by deposit of title deeds can be created in MTNL's favour in Mumbai over the property situated in Hyderabad. The essence of creation of mortgage under Section 58(f) is the place where the mortgage is being creatd but not the place where the property is situated.

    Sir as per the above my request to MTNL, Mumbai is right?
    or any latest orders are there on this matter.

    Departmental loan is a welfare measure and I am a serving employee. Due to departmental RULES I have already registered Agreement sale deed spending 53000 rupees before applying for the loan and after completion another Rs.53000/- for flat registration. Now if i have to do Equitable Mortgage I have to spend another Rs.40000/-. Above all for all registrations another 30,000 broker charges. If approximately a total of Rs.1,80,000/- is going like this from Rs.8,00,000/-loan taken by me from the department what is the benefit I am gaining. Who will pay the interest on Rs.1,80,000/-. spend double registrations and mortgage.

    Kindly give me the advise and how to tackle this problem

    Thanking you,

    Yours sincerely

    J Sai Rani
    Telecom Secretarial Assistant,
    MTNL,Mumbai
    24/10/2008



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    Default Re: Equitable Mortgage by deposit of title deeds


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