Do we need to register this equitable mortgage document with the sub-registrar in India? 

As per the Section 59 of the Indian Transfer of Property Act, 1882,which speaks about mortgage when to be by assurance, where the principal money secured is one hundred rupees or upwards, a mortgage other than a mortgage by deposit of title deeds can be affected only by a registered instrument signed by the mortgagor and attested by at least two witnesses. Where the principal money secured is less than one hundred rupees, a mortgage may be affected either by a registered instrument signed and attested as aforesaid or (except in the case of a simple mortgage) by delivery of the property.

The word “other than a mortgage by deposit of title deeds” unequivocally clinching that the mortgage by deposit of title deeds, which is more commonly known as an Equitable Mortgage need not to be registered for it to be enforceable and its only in cases where the memorandum recorded in writing creates right, liability or extinguishes those, same requires registration, which it is not in the case on hand.

In the case in hand, the original deeds would be deposited with the Lender or his duly appointed Power of Attorney in India. the charge of mortgage can be entered into revenue record in respect of mortgage by deposit of title deeds-----it is immaterial subject herein and for that, instrument of mortgage is not necessary. Mortgage by deposit of title-deeds further does not require registration.The following evidence clearly establishes that “Equitable Mortgage Need Not Be Registered”

1.                  Section 59 of the Transfer of Property Act,1882 as explained above.

2.                 As per Hon'ble Chief Justice, M.N.Chandurkar, Nanjappa, H.G v. M.F.C.Industries (P) Ltd., 1987 (100) LW 4, wherein, the learned Judge has held that memorandum accompanying a list of title deeds deposited under an equitable mortgage did not require registration and is admissible in evidence.

3.                 Supreme Court Judgment: It is clinched by the Apex Court in judgement of STATE OF HARYANA & OTHERS v.s NAVIR SINGH AND ANOTHER SPECIAL LEAVE PETITION (CIVIL) NO. 18323 OF 2008 and CIVIL APPEAL NO.9030 OF 2013

4.                 Madras High Court Judgment: S.K.RajendranvsK.Sakthivel on 6 June, 2011, Civil Revision Petition (NPD) No.1304 of 2007 and M.P.No.1 of 2007.