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 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) A mortgage is the transfer of an interest in specific immoveable 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 which may give rise to a pecuniary liability.
Detailed explanation-3: -Collateral security is any other security offered for the said credit facility. For example, hypothecation of jewellery, mortgage of house, etc. Example: Land, Plant & Machinery or any other business property in the name of a proprietor or unit, if unencumbered, can be taken as primary security.
Detailed explanation-4: -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.