A Mortgage is the transfer of the interest in a specific immovable property by one person to another for the purpose of securing an advance of money. It is a charge against immovable property like house, gold, property, and vehicle. The person who transfers the interest in a specific immovable property is called the “Mortgager”. The person to whom such interest is transferred is called mortgage. The instrument If any by which the mortgage is effected is called the “Mortgage deed”. There are several types of mortgage that are allowed in the Indian law. Adding to the list they are simple mortgage, English mortgage, mortgage by conditional sale, USU fructuary mortgage, mortgage by deposits of title deeds or equitable mortgage, anomalous mortgage. |