What are the different types of mortgages for Education Loan and the cost associated with the same ?

There are two types of mortgage that the financial institutions can insist – equitable and registered mortgage.

1. 1. 1. Equitable mortgage – Equitable mortgage is when the borrower submits his original title deed to the registrar. No formal or legal document is registered with the registrar. There is no stamp duty involved as the agreement is solely between the financial institution and borrower.

      2. Registered mortgage – Registered mortgage is when the lender creates a charge on the security by registering the same with the sub registrar. The stamp duty involved is high with more paperwork.