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What recourse to avail if loan intimation is not filed?- Property Hotline
Posted
September 30, 2016
Views
6,160
Likes
25
Comments
5
Engagement
0.49%
September 30, 2016
6,160
25
5
0.49%
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5:07
7:20Now PlayingExpert: Kartik Jhaveri, Founder and Director of Transcend Consulting (India) Private Limited.
Question: I have recently purchased a flat in Pune but I stay in Mumbai. Due to some family problems, I couldn’t able to file loan intimation within 30 days. Now registrar is not ready to accept it and due to the delay, I will have to pay 1% of property rate + Rs 30,000 as a fine which sums up into the big amount. What recourse I can avail to this?
Answer: If the mortgage agreement is executed and registered then you don’t need to file the notice of intimation. Registration must be done within a month from the date of the loan agreement. The penalty for delay in registration is 1 % of loan amount. If the mortgage agreement is not registered initiate a filing of the notice of intimation. Pay stamp duty and registration fees. Registration fees are Rs 30,000 or 1% of loan amount. Take an appointment at the sub registrar's office. Both lender and borrower must be present before the registration officer. Unfortunately, you will have to pay that penalty there is no way out of it.
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