Quick Summary
A mortgage is the transfer of an interest in immovable property to secure the repayment of money advanced or to be advanced by way of loan, an existing or future debt, or the performance of an engagement.
Key Characteristics
- Transfer of interest in immovable property
- Six types: Simple, Mortgage by deposit, Usufructuary, English, Equitable, Anomalous
- Mortgage deed must be registered if principal > ₹100
Legal Framework
Right of redemption available to mortgagor
Key Points
- Transfer of interest in immovable property
- Six types: Simple, Mortgage by deposit, Usufructuary, English, Equitable, Anomalous
- Mortgage deed must be registered if principal > ₹100
- Mortgagor retains possession (in most types)
- Mortgagee can foreclose on default
- Right of redemption available to mortgagor