ECONOMICS

Detailed explanation-1: -A mortgage loan is a secured loan that allows you to avail funds by providing an immovable asset, such as a house or commercial property, as collateral to the lender. The lender keeps the asset until you repay the loan.

Detailed explanation-2: -There are six different mortgage types in India, such as simple mortgage, usufructuary mortgage, English mortgage, mortgage by conditional sale, mortgage by title deed deposit, and anomalous mortgages, which are further explained below.

Detailed explanation-3: -Also known as seller financing, a purchase-money mortgage is a loan the property seller provides to the home buyer. This type of mortgage is common in situations where the buyer doesn’t qualify for standard bank financing, much like other non-conforming loans.

Detailed explanation-4: -Now, as we know, a ‘mortgage’ is a transfer of an interest in immovable property in order to secure a loan, which may or may not give rise to any personal liability.