GENERAL KNOWLEDGE

Detailed explanation-1: -According to section 58 (a) of transfer of Property Act, A mortgage is transfer of interest in specific immovable property for purpose of securing: The payment of money 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-2: -A mortgage debt being an immovable property the mortgagee can assign his interest in the mortgaged property. A mortgage by the mortgagee of his interest under the original mortgage is called a sub mortgage. A sub mortgagee is entitled to a decree for sale of the mortgage rights of his mortgagor.

Detailed explanation-3: -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-4: -Registered mortgage is also known as ‘Deed of Trust’. A registered mortgage meets all the necessary legal requirements to create a mortgage or a charge. If the borrower repays the loan according to the terms and conditions of the home loan agreement, the title of the property is given back to the borrower.