BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Registration of charge with the Registrar of Companies
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Making the security of immovable property available as a cover for a home loan by the borrower.
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Sale of moveable security in the event of default by the borrower
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Registration of charge with the Regional Transport Authority
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Detailed explanation-1: -Any financial arrangement where you provide an immovable property as collateral to secure a loan is known as a mortgage. This makes home loans a type of mortgage only-the property you buy acts as the security against the loan for the bank.
Detailed explanation-2: -A Mortgage is a legal agreement between the lender and the borrower in which a loan is sanctioned against an immovable asset like a house or a commercial property. The lender keeps the asset as collateral until the borrower repays the total loan amount.
Detailed explanation-3: -A mortgage is a loan financing the purchase or maintenance of a property, land, or other types of rental properties. The lender agrees to pay back the loan over some time, generally in a series of regular installments divided into principal and interest. The property serves as protection for loans.
Detailed explanation-4: -A mortgage is a transfer of an interest in immovable property and it is given as a security for a loan. The ownership of an immovable property remains with the mortgagor itself but some interest in the property is transferred to the mortgagee who has given a loan.
Detailed explanation-5: -A security interest means that if you don’t make the mortgage payments as agreed, or if you break your agreement with the lender, the lender can take your home and sell it to pay off the loan. You give the lender this right when you sign your closing forms.