What is mortgage in law?

A mortgage involves the transfer of an interest in land as security for a loan or other obligation. The mortgagor is the party transferring the interest in land. The mortgagee, usually a financial institution, is the provider of the loan or other interest given in exchange for the security interest.

What are the rights of mortgage?

The right to the accession of the mortgaged property allows the mortgagee to retain any additions to the property as security. For instance, if the mortgagor builds a building on a land that has been mortgaged, the mortgagee can retain the building as security for the loan.

What is mortgage types of mortgage in property law?

A mortgage which is not a simple mortgage or an English mortgage or a mortgage by usufructuary mortgage or a mortgage by deposit of title deed or a mortgage by conditional sale is called an anomalous mortgage.

How many types of mortgages are there in India?

6 different mortgage types
Mortgage loans in India are available under 6 different mortgage types.

What is a mortgage simple definition?

A simple definition of a mortgage is a type of loan you can use to buy or refinance a home. Mortgages are also referred to as “mortgage loans.” Mortgages are a way to buy a home without having all the cash upfront.

What are the rights and liabilities of mortgage?

Every mortgage-deed leaves a right to the mortgagor and a corresponding liability for mortgagee and vice versa. Following are the rights given to a mortgagor given by the Transfer of Property Act, 1882: Right to redemption. Right to transfer mortgaged property to a third party instead of retransferring.

What are the rights of mortgagee and mortgagor?

In a mortgage, there are two essential parties i.e., mortgagor and mortgagee, mortgagor is the person who transfers his property or gives the possession of the property to the lender and mortgagee is the transferee who has rights over the mortgaged property till the debt is paid back.

What are the different types of mortgage explain?

Mortgages are further classified as 1) Conventional mortgages 2) Jumbo mortgages 3) Government-insured mortgages 4) Fixed-rate mortgages 5) Adjustable-rate mortgages. Now, based on these, there are further loan type. Types of Mortgages in our country: Simple Mortgage.

How many kinds of mortgages are there in property law?

As per Section 58, six types of mortgages are Simple mortgage, Mortgage by Conditional Sale, Usufructuary mortgage, English mortgage, Mortgage by deposit of title-deeds, and Anomalous mortgage.

How many types of mortgage are there?

What are 6 types of mortgage?

6 types of mortgages are;

Simple mortgage,
Mortgage by conditional sale,
Usufructuary mortgage,
English mortgage,
Mortgage by deposit of title deeds, and.
Anomalous mortgage.

Who are the mortgagors and mortgagees in India?

Mortgagor and mortgagee are the parties who have an important role to play during mortgage of a property. Various statutes available in India deals with a mortgage. Following legislation deal with mortgage: The Transfer of Property Act, 1882– Sections 58-104, which are mentioned in Chapter IV deals with the significant part of mortgage.

What are the requirements for reverse mortgage in India?

Owners of a self-acquired, self-occupied residential house or flat, located in India can also apply for reverse mortgage. The titles should be clear, indicating the prospective borrower’s ownership of the property. The property should be free from any encumbrances. The life of the property should be of minimum 20 years.

Can a mortgage be entered by deposit of title deeds in India?

Any mortgage other than a mortgage by deposit of title deeds is valid only if the mortgage is entered by way of a registered instrument that is signed by the mortgagor and attested by at least two witnesses. To get in touch with a property lawyer in India or to obtain a property legal opinion, visit IndiaFilings.com

What are the legal requirements for a mortgage?

The titles should be clear, indicating the prospective borrower’s ownership of the property. The property should be free from any encumbrances. The life of the property should be of minimum 20 years. The property should be the permanent primary residence of the individuals.