Banking · Loan Documentation
A bank is executing a Home Loan for the purchase of an under-construction apartment. The documentation requirement for the creation of an equitable mortgage typically involves:
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- 1Delivery of photocopies of the Title Deeds to the bank with a verbal agreement.
- 2Delivery of the original Title Deeds and other relevant documents of title to the bank with the intent to create a security, along with a written memorandum of deposit.✓
- 3Only the delivery of the original Power of Attorney in favor of the builder.
- 4Only the execution of a registered Sale Deed by the borrower.
Correct answer
Delivery of the original Title Deeds and other relevant documents of title to the bank with the intent to create a security, along with a written memorandum of deposit.
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