GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Facility on immovable property
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Security on movable propertyfor a loan
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Security on immovable propertyfor a loan
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Security on loan sanctionedagainst fixed deposits
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Detailed explanation-1: -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-2: -A mortgage is the transfer of an interest in specific immovable property for the purpose of securing the payment of money advanced or to be advanced by way of loan, an existing or future debt, or the performance of an engagement that may give rise to a pecuniary liability.
Detailed explanation-3: -In fact, ‘chattel mortgage’ has been commonly used to describe mortgages of movable property. Like in case of immovable property, a mortgage of movable property transfers an interest in property to the lender to secure the payment of the obligation of the borrower.