GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A security created on movable property for a loan given by a bank
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A security created on immovable property for a loan given by a bank
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A facility created on movable property for a deposit received by a bank
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A security created on immovable property for a deposit received by a bank
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Detailed explanation-1: -A Mortgage is a kind of security given by borrower who is the debtor (mortgagor) for repayment of loan to the lender who is the creditor (mortgagee). The object of a mortgage is to secure the debt or other obligation. It is a transfer of limited interest in property.
Detailed explanation-2: -Mortgage refers to the process of offering something as a guarantee or collateral against a loan. One may come across the term when looking for secured loans. Generally, home loans of all types are secured loans. The borrower must offer their property as a security to the lender.
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.