Registration of Deed of Assignment and Payment of Stamp Duty
Subsequent to the above purchase from HDFCs the receivables pool would be recorded as, an asset in the books of the NHB, till such time as it makes an express declaration of trust in respect of the pool. Subsequently, the NHB would hold the assets in the capacity as a trustee for the benefit of the PTC holders. Once the trust has been declared the assets would cease to be reflected in the books of the NHB. The entire process of buying the receivables pool along with the underlying mortgage security and declaring the trust would be legally completed on the same day. The housing loans acquired by the NHB would be registered with the sub-registrar of a district in which one of the properties is located. in accordance with the provisions of the Transfer of Property Act, 1882 and the Indian Registration Act, 1908. The NHB proposed to register the deed of assignment in the State of Karnataka, where the stamp duty is 0.10 per cent ad valorem, subject to an absolute limit of Rs one lakh.