| When a Mortgage loan for people with bad
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| | charges have to be borne by the borrower.
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| credit is taken to purchase a house, a
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| | The borrower binds himself to repay the
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| charge needs to be created in favour of
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| | mortgage loan amount as per an agreed
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| the lender. The borrower needs to
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| | schedule and transfers property
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| mortgage the property in favour of the
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| | absolutely to the mortgagee (lender)
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| lender- the bank or the housing finance
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| | subject to the condition that the bank or
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| institution. This creates a security in
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| | lending institution would transfer the
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| favour of the bank. It enables bank to
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| | property back to the mortgagor on
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| secure the repayment of the people with
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| | repayment dues.
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| bad credit Mortgage loan. In case the
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| | In case of mortgage by way of memorandum
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| borrower defaults on the repayment of the
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| | of entry, the borrower has to sign a
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| Mortgage loan or the interest, the bank
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| | declaration stating that he is mortgaging
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| can enforce the security. In the case of
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| | the property to the lender. This
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| housing loans, continuing security of the
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| | declaration is entered in the memorandum
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| residential building mortgage to the bank
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| | of entry of mortgage which can be
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| is accepted, provided the value of the
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| | enforced by the bank in case the borrower
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| property is sufficient to cover the
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| | defaults in the repayment of loan dues.
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| liability with the prescribed margin.
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| | Once mortgaged, the borrower can neither
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| Mortgage is a form of hypothecation of
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| | sell nor transfer the property to anyone
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| the property. A Mortgage loans for people
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| | else without the consent of the bank.
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| with bad credit can be secured by either
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| | While purchasing a property, the
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| an equitable mortgage, a mortgage by way
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| | purchaser should do a due diligence
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| of memorandum of entry, or by a
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| | exercise and visit the registrar's office
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| registered mortgage. The type of mortgage
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| | to see if any prior encumbrances on the
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| differs from one bank to another
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| | property proposed to be purchased by him
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| depending on the loan amount, value of
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| | are there.
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| equity, customer profile etc. An
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| | Normally, banks prefer to have the first
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| equitable mortgage is created by way of
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| | charge on a property. In case the
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| deposit of title deeds. The ownership
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| | purchaser has availed of a loan from more
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| documents of the property are deposited
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| | than one bank, a pari passu charge may be
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| with the bank. No formal mortgage deed is
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| | created in favour of the lenders.
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| executed. This is the simplest and
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| | However, this usually applies to large
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| cheapest form of bad credit mortgage.
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| | projects. In case of a pari passu
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| Registered mortgage is the safest form of
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| | mortgage, if there is any default in
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| mortgage. This is also referred to as
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| | repayment, all the lenders share a right
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| English mortgage. No documents of
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| | on the property as per the proportion of
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| property are required to create an
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| | the loan amount disbursed by them.
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| English Mortgage. The borrower has to
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| | The charge needs to be registered with
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| enter into a mortgage agreement with the
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| | the office of the registrar. Both the
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| bank. This deed is thenstamped and
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| | lender and the borrower need to be
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| registered in order to make it
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| | present. The mortgage deal needs to be
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| enforceable. This is an expensive
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| | executed on a non-judicial stamp paper.
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| mortgage. The stamp and registration
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