MEANING:- when any person acquire any loan from bank or any other person against any security then this transaction is known as mortgage.A person acquire loan is known as mortgagor and a person who provides loan is mortgage.
TYPES OF MORTGAGE (LOAN PROVIDER) :-
SIMPLE MORTGAGE :- In this method right is created in favour of mortgage(loan provider) but the possession on property remains with mortgagor(loan taker) itself but if he/she fails to pay the loan then the mortgage has a right to sell the property and recover the amount.
USUFRUCTUARY MORTGAGE :-
Under this method position of property is tranfered to mortgage(loan provider) and the mortgage can recover the money by using the Property in different manner. For e.g:- (Rent).
ENGLISH MORTGAGE :-
In this method property is Tranfered to bank against loan amount. Mortgagor creates right in favour of mortgagee. If loan is repayed within specified time then property will be reverted back and if it is not paid within specified time then transfer will be declared as sale.
MORTGAGE BY CONDITIONAL SALE :-
In this method property is tranfered by mortgagor as a sale and if loan is repayed then sale will be declared as invalid.
(If loan is not payed then the sale will be declared valid)
MORTGAGE BY DEPOSIT OF TITLE DEEDS :-
In this method all the originals document of ownership are deposited with bank and they will hold all the documents till the recovery off loan amount.
ANOMALOUS MORTGAGE :-
The mortgage which does not belong to any of the above mortgage is called an anomalous mortgage. For e.g:-(two combination of mortgage,(usufructuary and simple) both together are anomalous mortgage).
SUB MORTGAGE :-
In this method when any mortgage is created on existed mortgage then subsequent mortgage is known as sub mortgage.
PUISNE MORTGAGE :-
In this method when any person creates multiple mortgage on single property then subsequent mortgage and so on is known puisne mortgage.
RIGHTS OF MORTGAGOR (LOAN TAKER)
1)Right of redemption ( paid full loan and asked for the Property)
2)Right against clog (anything beyond the period of loan is clog always treated as invalid for e.g- taken the Property for some more time after completion of loan).
3)Right to partial redemption (if you have given more then one number of Properties and have been paid half of the loan so can ask for the property of such amount which has been paid).
RIGHTS OF MORTGAGE (LOAN PROVIDER).
1)Right to sale (if loan amount is not recovered can sell the property to recover the loan).
2)Right to sue for mortgage money (Even after Selling the property the money is not recover so the loan provider can sue the mortgagor).
3)Right to appoint receiver (appointing legal reciever to pay attention on mortgagor transaction).
A MORTGAGE IS TRANSFER OF AN INTEREST IN THE PROPERTY MADE BY THE MORTGAGOR AS A SECURITY FOR THE LOAN. A MORTGAGE CAN ONLY BE CREATED BY ACT OF PARTIES. MORTGAGE DEED MUST BE REGISTERED AND ATTESTED BY TWO WITNESSES. IN A MORTGAGE THERE CAN BE SECURITY AS WELL AS PERSONAL LIABILITY.
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