A Promissory Note Mortgage is commonly used in Indian lending transactions where parties seek to combine the simplicity of a promissory note with the security of a mortgage. This document type is particularly useful for small to medium-sized loans where the lender requires property security but wants to maintain the straightforward enforcement mechanisms available for promissory notes. The document must comply with multiple Indian legislations, including the Transfer of Property Act, Negotiable Instruments Act, and Registration Act. It typically includes details of the loan amount, interest rate, repayment schedule, property description, and enforcement rights. The Promissory Note Mortgage is widely used by banks, housing finance companies, and other financial institutions in India, offering a balanced approach between formal mortgage documentation and promissory note simplicity.
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1. Title and Date: Clearly stating 'Promissory Note Mortgage' and the date of execution
2. Parties: Details of the promisor/mortgagor and promisee/mortgagee, including full names, addresses, and legal capacity
3. Loan Amount Declaration: Clear statement of the principal amount being borrowed, both in figures and words
4. Promise to Pay: Unconditional promise to pay the specified amount with interest
5. Interest Rate: Specification of interest rate, calculation method, and payment frequency
6. Repayment Terms: Details of repayment schedule, installment amounts, and payment method
7. Property Description: Detailed description of the mortgaged property including boundaries and registration details
8. Mortgage Creation: Express creation of mortgage charge over the property
9. Rights and Obligations: Duties and rights of both parties regarding the mortgaged property
10. Default Provisions: Consequences and remedies in case of payment default
11. Enforcement Rights: Mortgagee's rights for enforcing security in case of default
12. Governing Law: Specification of Indian law as governing law
13. Execution: Signature blocks with witness requirements
1. Insurance Provisions: Required when the mortgaged property must be insured as per agreement
2. Guarantee: Include when there is a third-party guarantor for the loan
3. Pre-payment Terms: Include when early repayment is allowed with specific conditions
4. Additional Security: When additional collateral or security is being provided
5. Property Maintenance Covenants: Detailed property maintenance obligations when dealing with significant commercial property
6. Assignment Rights: Include when either party may need to assign their rights
7. Power of Attorney: When specific powers are being granted to the mortgagee
1. Property Details Schedule: Detailed property description, boundaries, and registration details
2. Payment Schedule: Detailed amortization schedule showing principal and interest breakup
3. Title Documents: List of property title documents deposited with the mortgagee
4. Insurance Details: If applicable, details of insurance policy over the mortgaged property
5. Property Valuation Report: Independent valuation report of the mortgaged property
6. Existing Encumbrances: List of any existing charges or encumbrances on the property
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Agriculture Finance
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Relevant Teams
Legal
Credit
Risk Management
Mortgage Operations
Loan Processing
Compliance
Property Valuation
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Relevant Roles
Loan Officer
Mortgage Specialist
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