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Private Mortgage Contract

Private Mortgage Contract Template for India

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Private Mortgage Contract

"Need a Private Mortgage Contract for a residential property in Mumbai, with a loan amount of Rs. 2 crore, including special provisions for early repayment and an option for the borrower to rent out the property after 2 years of ownership."

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Document background
A Private Mortgage Contract is essential for securing real estate financing transactions in India. This document is used when an individual or entity (mortgagor) seeks to borrow money by offering their property as security to a lender (mortgagee). The agreement must comply with Indian legislation, including the Transfer of Property Act, 1882, Registration Act, 1908, and relevant state laws. It contains crucial details about the mortgaged property, loan terms, interest rates, repayment schedule, and the rights and obligations of all parties. The document becomes particularly important in cases of default, as it outlines the enforcement mechanisms and remedies available to the lender. Private Mortgage Contracts must be properly stamped and registered with local authorities to be legally enforceable, making them vital instruments in Indian real estate financing.
Suggested Sections

1. Parties: Identification of the mortgagor (borrower) and mortgagee (lender) with complete details including names, addresses, and legal capacity

2. Background: Context of the mortgage agreement, including property ownership status and purpose of the loan

3. Definitions: Definitions of key terms used throughout the agreement

4. Loan Amount and Terms: Principal amount, interest rate, loan tenure, and repayment schedule

5. Security Creation: Details of the mortgage creation and property being offered as security

6. Property Description: Detailed description of the mortgaged property including boundaries and title details

7. Representations and Warranties: Declarations by the mortgagor regarding property ownership, encumbrances, and legal capacity

8. Covenants: Positive and negative obligations of the mortgagor including property maintenance, insurance, and payment obligations

9. Events of Default: Circumstances constituting default and consequences thereof

10. Rights and Remedies: Rights of the mortgagee in case of default including power of sale

11. Insurance: Requirements for property insurance and assignment of insurance benefits

12. Notices: Method and addresses for serving notices between parties

13. Governing Law and Jurisdiction: Specification of Indian law as governing law and jurisdiction of courts

Optional Sections

1. Guarantor Provisions: Include when there is a third-party guarantor for the mortgage

2. Prepayment Terms: Include when early repayment is allowed, specifying terms and penalties

3. Property Usage Restrictions: Include when there are specific restrictions on property use or modifications

4. Electronic Payment Arrangements: Include when setting up automatic electronic payments

5. Assignment and Transfer: Include when either party may need to assign rights under the mortgage

6. Force Majeure: Include when specific provisions for unforeseen circumstances are required

7. Step-in Rights: Include when lender requires right to take control of property management

Suggested Schedules

1. Schedule 1 - Property Details: Detailed property description, boundaries, and title documents

2. Schedule 2 - Payment Schedule: Detailed amortization schedule with payment dates and breakup

3. Schedule 3 - Insurance Requirements: Specific insurance requirements and minimum coverage amounts

4. Schedule 4 - Property Documents: List of property documents deposited with the mortgagee

5. Schedule 5 - Compliance Certificates: Copies of necessary regulatory approvals and certificates

6. Appendix A - Property Photos: Recent photographs of the mortgaged property

7. Appendix B - Title Search Report: Detailed report on property title search and encumbrances

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Applicable Law
Business Day
Default Interest
Default Notice
Encumbrance
Events of Default
Financial Year
Interest Rate
Loan
Material Adverse Effect
Mortgage
Mortgaged Property
Mortgagee
Mortgagor
Outstanding Amount
Payment Date
Principal Amount
Property Documents
Repayment Schedule
Security
Security Interest
Stamp Duty
Term
Title Deeds
Working Day
Insurance Policy
Guarantor
Secured Obligations
Enforcement Notice
Permitted Purpose
Registration Authority
Valuation Report
Due Date
Effective Date
Clauses
Interpretation
Loan Terms
Security Creation
Property Description
Interest and Payments
Representations and Warranties
Covenants
Property Maintenance
Insurance
Events of Default
Rights and Remedies
Registration and Stamp Duty
Property Inspection
Assignment
Notices
Indemnification
Force Majeure
Governing Law
Jurisdiction
Severability
Entire Agreement
Amendment
Waiver
Confidentiality
Costs and Expenses
Further Assurance
Title and Ownership
Property Usage
Default Interest
Prepayment
Insurance Assignment
Security Enforcement
Mortgagee Rights
Dispute Resolution
Term and Termination
Relevant Industries

Banking

Real Estate

Financial Services

Housing Finance

Construction

Property Development

Legal Services

Insurance

Wealth Management

Relevant Teams

Legal

Credit Risk

Mortgage Operations

Property Services

Compliance

Documentation

Recovery

Real Estate

Loan Processing

Credit Assessment

Property Valuation

Relevant Roles

Mortgage Officer

Legal Counsel

Property Lawyer

Real Estate Manager

Credit Risk Officer

Loan Officer

Property Valuer

Compliance Officer

Banking Operations Manager

Title Search Expert

Financial Advisor

Real Estate Agent

Mortgage Underwriter

Documentation Specialist

Recovery Officer

Industries
Transfer of Property Act, 1882: Primary legislation governing property transactions in India, specifically Chapter IV (Sections 58-104) dealing with mortgage definitions, types, rights and obligations of mortgagor and mortgagee
Registration Act, 1908: Mandates the registration of mortgage deeds where the principal amount is above Rs. 100, and specifies the procedure for registration of documents
Indian Contract Act, 1872: Governs the basic principles of contract formation, including offer, acceptance, consideration, and contract enforcement
SARFAESI Act, 2002: Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act - governs the enforcement of security interests without court intervention
Indian Stamp Act, 1899: Along with state-specific stamp duty laws, determines the stamp duty payable on mortgage documents
Indian Evidence Act, 1872: Governs the admissibility of documentary evidence and requirements for documenting agreements
Reserve Bank of India Guidelines: Current RBI regulations affecting interest rates, lending terms, and other aspects of mortgage financing
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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