Question 1

WHAT IS THE TIME LIMIT FOR FILING OF NOTICE?

Accepted Answer

The notice should be filed within 30 days from the date of mortgage.

Question 2

CAN THE TIME LIMIT BE EXTENDED IN EXCEPTIONAL CASES OR OTHERWISE?

Accepted Answer

No. As it is a legal provision and not an administrative order, the time limit cannot be extended.

Question 3

WHERE THE NOTICE HAS TO BE FILED?

Accepted Answer

The notice has to be filed with sub-registrar’s office in whose jurisdiction the property (of which the title deeds are deposited) is situated.

Question 4

WHETHER THE DAYS ARE FIXED FOR PHYSICAL FILING?

Accepted Answer

The designated offices can accept the notice for filing during working hours on any working day.

Question 5

WHAT ARE STAMP DUTY CHARGES?

Accepted Answer

Stamp duty is chargeable as per Article 6 of the Maharashtra Stamp Act, 1958, i.e. @0.1% if the loan amount is ₹ 5 lakh or below, and @0.2% if the loan amount is above ₹ 5 lakh. If the stamp duty as above is paid on any other document like agreement for same loan transaction, then stamp duty of ₹ 100 has to be paid on the notice.

Question 6

IF TITLE DEEDS OF MULTIPLE PROPERTIES ARE DEPOSITED, THEN WHERE SHOULD THE NOTICE BE FILED?"

Accepted Answer

If all properties are situated within the same jurisdiction, then a single notice containing information of all properties and their title deeds is sufficient.If the properties are situated within the different jurisdiction, then separate notices have to be filed with every sub-registrar under whose jurisdiction the property (of which the title deeds are deposited) is situated. For such notices, the filing fees and document handling charges have to be paid separately.

Question 7

WHAT IF I DO NOT COMPLETE THE NOTICE OF INTIMATION OF INTIMATION PROCESS ?

Accepted Answer

The non-registration of agreement/ non-filing of notice of intimation may defeat the legality of the mortgage and cause injury to the interests of parties involved. Any person who fails to file such notice within the prescribed time limit shall be liable for punishment under section 89C of the Act.

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