types of mortgage
Mortgage And Its Types (mention under section 58 of Transfer of Property Act,1882) Mortgage is a transfer of some interest in immovable property.It is given by way of security for a loan.A person who takes a loan and gives some security for the repayment of the loan in the form of transfer of some interest in any immovable property, it is called a mortgage of property.The ownership of the property remain in the debtor but some of his interest in the property are transferred to the creditor who has given loan.In case advanced money could not recovered by the creditor,he can recover his money on the basis of his interest in that property. Element of mortgage are:- a)Transfer of interest :- Mortgage debt is not an actionable claim under this act but it is only a transfer of an interest in an immovable property.The interest is given by the mortgagor to the mortgagee and without transfer of an in...