Mortgage Deed - Simple (India)

Simple Mortgage Deed for use in India.

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This kit includes tools and guidelines to assist you in drafting a Simple Mortgage Deed.

A mortgage deed is a document that gives a lender (also known as a mortgagee) the legal right and interest in a property. A mortgage allows a borrower (also known as a mortgagor) to pledge his home or any such property as security for a loan; the mortgage deed represents the lender's ownership in the property.

A simple mortgage gives two-fold rights to a mortgagee: i) a covenant on the part of the mortgagor to pay the debt; and ii) the right granted to the mortgagee to realise his dues from and out of the property mortgaged to him. These rights also gives the mortgagee the power to proceed in the Court should the mortgagor be in breach of any of the two rights granted to the mortgagee. In a simple mortgage, the security is two-fold: one is the property and the other is the personal obligation.

Among others, this form includes the following key provisions:
  • Property Details
  • Loan Sum and Repayment
  • Reconveyance of Property
  • Default in Repayment
  • Insurance
  • Compensation received by Property
  • Leasing of Property
This attorney-prepared Simple Mortgage Deed packet contains:
  1. Description and Instructions for Simple Mortgage Deed
  2. Simple Mortgage Deed for use in India
Law Compliance: This form is designed for use in India.
Number of Pages7
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#33496
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.














Simple Mortgage Deed
(India)












This Packet Includes:
   1.  Description and Instructions
   2.  Simple Mortgage Deed






Description and Instructions
Simple Mortgage Deed
(India)

A mortgage deed is a document that gives a lender (also known as a mortgagee) the legal right and interest in a property. A mortgage allows a borrower (also known as a mortgagor) to pledge his home or any such property as security for a loan; the mortgage deed represents the lender's ownership in the property.
A simple mortgage gives two-fold rights to a mortgagee: i) a covenant on the part of the mortgagor to pay the debt; and ii) the right granted to the mortgagee to realise his dues from and out of the property mortgaged to him. These rights also gives the mortgagee the power to proceed in the Court should the mortgagor be in breach of any of the two rights granted to the mortgagee.  In a simple mortgage, the security is two-fold: one is the property and the other is the personal obligation. Since a simple mortgage deed provides for a two-fold security, the remedy and cause of action is two-fold.  The mortgagee can sue for both the recovery of the mortgage and also from the sale of the mortgaged property, or he could file two separate actions for the enforcement of the two independent rights. If the mortgagor fails to repay the loan, the mortgagee has the right to sell the property and recover the loan from the sale amount.

A simple mortgage deed should carefully lay down the terms of payments of the installments, obligations of the mortgagor, availability of any grace period and what recourse or relief the mortgagee gets in the event of any breach. You should read the mortgage deed, offer letter and mortgage conditions very carefully.








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   MORTGAGE DEED


   This Deed of Mortgage (the Deed) made at _______ this _______ day of __________ Between _______________________, son of ______________ resident of ________________ ( hereinafter referred to as a Mortgagor)of the ONE PART and _____________, son of _____________ resident of ______________( hereinafter called as a Mortgagee) of the OTHER PART.

   WHEREAS the Mortgagor is absolutely seized and possessed of or otherwise well and sufficiently entitled to the house (hereinafter referred to as the Property) bearing municipal no._________ situated on __________ Road, ________________ more particularly described in the Schedule hereunder written;

[OR WHEREAS the property bearing Plot No.________________ S. No. ____________________________ CTS No. _______________________ situated at _______________ more particularly described in the schedule written hereunder (hereinafter referred to as 'the Property').]

WHEREAS the Mortgagor has requested the Mortgagee to lend him a sum of Rs. _______________ which the Mortgagee has agreed on the Mortgagor mortgaging his property;

AND WHEREAS the Mortgagee has agreed to lend and advance a sum of Rs. __________/- to the Mortgagor his/her/ their request upon having the repayment thereof, with interest and charges secured in the manner hereinafter expressed.

NOW THIS DEED WITNESSETH THAT

1) Loan Sum and Repayment

In pursuance to the said Deed and in consideration of the sum of Rs. _____ at or before the execution of these presents paid by the Mortgagee to the Mortgagor (the receipt whereof, the Mortgagor does hereby admit and acknowledge and of and from the same hereby release and discharge the Mortgagee), the Mortgagor hereby covenants with the Mortgagee that he will pay on the ________ day of _______.  (hereinafter called Payment Date), the said sum of Rs. _____ with interest @  ___ % per annum from the date of these presents till the repayment of the said sum in full, the installments of which shall be paid in the following manner : ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

2) Reconveyance of Property
Further, the Mortgagor does hereby transfer by way of mortgage the Property as a security for repayment of the said sum with interest @ ___ per annum with the condition that the Mortgagor, his heirs, executors, administrators or assigns shall on the Payment Date pay to the Mortgagee, his heirs, executors, administrators or assigns the said sum of Rs ___ together with interest thereon at the rate mentioned above, the said Mortgagee, his heirs, executors, administrators, or assigns shall at any time thereafter upon the request and at the cost of the Mortgagor, his heirs, executors, administrators or assigns reconvey the said house, hereinbefore expressed to be mortgaged unto or to the use of the Mortgagor, his heirs, executors, administrators or assigns or as he or they shall direct.

3) Default in Repayment

A) It is hereby agreed and declared that in case any of the installments of the said sum or interest payable under these presents be not satisfied on the dates when shall become due then the whole amount of principal remaining unpaid together with interest due shall at once become payable to the Mortgagee and the Mortgagee may forthwith enforce any of the remedies of which a holder of a simple mortgage is entitled under the transfer of Property Act

B) It is hereby agreed and declared that if the Mortgagor does not pay the said sum with interest when shall become due and payable under these presents, the Mortgagee shall be entitled to sell the Property through any competent court and to realise and receive the said sum and interest, out of the sale proceeds of the house.

C) In case the proceeds of sale, together with the amount, if any, otherwise realised from the mortgagor fall short of the total amount due to the Mortgagee then the Mortgagee shall be entitled to recover the balance from the person and other properties of the Mortgagor.

4) Insurance
It is further agreed and declared by the Mortgagor that during the period, the mortgage amount is not paid and the said Property remains as a security for the said mortgage amount, the Mortgagor shall insure the said Property and take out an insurance policy in the joint names of the Mortgagor and Mortgagee and continue the said policy in full force and effect by paying premium and in case of default by the Mortgagor to insure or to keep the insurance policy in full force and effect, the Mortgagee can insure the said Property and the premium paid by the Mortgagee will be added to the said mortgage amount, if not paid by the Mortgagor on demand. Mortgagor must deliver to the Mortgagee the policy for such insurance and the receipt for every such payment within seven (7) days after it shall become due.

5) Compensation received by Property
That the Mortgagor agrees that all sums of money awarded as compensation for acquisition of any portion of the Property by Government or Municipal or railway or any authority shall be received by the Mortgagee direct on behalf of the Mortgagor and that such money as well as moneys received under and by virtue of any such insurance as aforesaid shall at the option of the Mortgagee either be applied in or towards the payment of principal money, interest and costs for the time being remaining due on the security for these presents.

6) No encumbrance

The Mortgagor hereby convents with the Mortgagee that the Property is free from all or any encumbrances and shall not sell, gift, exchange, mortgage or alienate in any other manner nor shall assign his/her/their interest in the said Property of whatsoever nature, nor shall create any charge or encumbrance on the said property during the subsistence of the mortgage.

7) Leasing of Property
It is further agreed that the Mortgagor can grant lease of the said Property with the consent of the Mortgagee in writing.

8) Stamp Duty and other Charges
Mortgagor agrees that he shall bear stamp duty, tax, cesses registration charges and other out of pocket expenses for the execution and registration of this Deed and reconveyance deed. Further it is agreed that each party will bear cost and professional charges of his Solicitor/Advocate. The Mortgagor undertakes to punctually produce the receipts thereof to the Mortgagee for verification and record.


IN WITNESS WHEREOF the parties have put their hands the day and year first hereunder written.

The Schedule above referred to

Signed and delivered by ___________________________________ the within named Mortgagor
Signed and delivered by ___________________________________ the within named Mortgagee

WITNESSES:

1.

2.


SCHEDULE

Details of Property

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