Mortgages

Mortgaging is an act by which you get a loan (money) in lieu of your property or costly ornaments, you are required to return the amount of loan you got in the given due time to get back your property or ornaments, after that period if you are unable to repay your debt than you will surely lose your things. The mortgage is not itself the loan but it is kind of security we are giving to the person who is giving us loan, it is generally taken to make sure that we repay the loan. The party who is giving the loan is known as mortgagee or mortgage lender, the person who is borrowing or getting the loan is known as borrower or the mortgagor. The purpose behind getting the loan can be anything from any of your personal reason or improving your business, renovating your house, renovating your work place, investment to increase your business, spending on your marriage etc. For getting back your mortgage you are required to repay the loan With the interest decided at the time of the deal.

There are various types of mortgage in India, these are as following:

(1) Mortgage by Conditional Sale: It is the simplest form of mortgaging and is followed from the older times; it states that you have the right to sell the mortgage property if the borrower is unable to repay the debt he has taken from you.

(2) English Mortgage: In this type of mortgaging system the mortgage property is directly transferred to the name of the mortgage lender or the mortgagee at the time of payment of the loan, and is transferred back to the name of the borrower at the time of complete repayment of the debt or loan with interest.

(3) Reverse Mortgaging: It is meant for old people who don’t have anything with themselves to live properly but they do have a property of gold instead, in this case they get a loan or get a monthly installment of money from the mortgagee and at the time of their demise their property is transferred on the name of the mortgagee or the mortgage lender.

(4) Anomalous Mortgaging: In this type of mortgaging, the two parties have a choice of making the deal according to their choice, this system does not require any default clause given by the legal jurisdiction, and they can make rules for repayment according to themselves.

(5) Unsufructuary Mortgage: In this type of mortgaging system the borrower can repay the loan or debt by the rent or by some work on the mortgaged land, this system is flexible and helps the mortgage borrower to repay the loan easily.

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