What are the Different Kinds of Mortgage in Property Law?

There are two different kinds of loans: secured debt and unsecured debt. When a loan is secured against movable property, it is referred to as a pledge. However, when it is secured against the debtor's immovable property, it is referred to as a mortgage. A mortgage is the transfer of an interest in a particular section of property used as collateral for debt repayment. The terms "mortgage," "mortgagor," "mortgagee," "mortgage money," and "mortgage deed" are all defined in Section 58(a) of the TPA. According to Section 58(a), there are 6 types of mortgage in property law.

What are the types of mortgage in transfer of property act?

• Simple Mortgage

• Mortgage by Conditional Sale

• Usufructuary Mortgage

• English Mortgage

• Mortgage by Deposit of Title Deeds

• Anomalous Mortgage

These are the types of mortgages in TPA. 

If you are still facing any issues regarding the types of mortgage in property law, you should legal counsel regarding the same.

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Hey,

If you are on a real estate journey, you must know that there are multiple kinds of mortgage in property law. The Property Act of 1882 has led to a distinction being created amongst different loans, mortgages, property types etc. The law ensures that the rights of the citizens are being protected and their interest is safeguarded.

Transfer of interest in an immovable property to secure the repayment of the loan can be deemed as Mortgage. It is important to have knowledge and understanding about the different kinds of mortgage under Transfer of Property Act along with payment procedure and legal consequences if the payment is not completed. Each type of mortgage has its own distinct post payment procedure. Depending on the property that is being mortgaged and the financial record of the mortagger. Banks and other places, decide what kind of mortgage is appropriate for the situation.

In Section number 58, there are six types of mortgage under transfer of property act. The names of all kinds of mortgage in property law are given below :

• Simple mortgage

  If the mortgagor fails to repay the loan amount then, the lender sells the property to recover the loan amount.

   
• Mortgage by Conditional Sale

  In this type the lender sells the property on the default of  the mortgage payment by the set dat. Once the date is passed, the sale becomes absolute.

   

• Usufructuary mortgage

  In this option the lender delivers the possession aka property along with the right to enjoy an income of and from the property to the mortgagee.

   
• English mortgage

  Under this option, the lender takes possession of the property when the payment is not done. There is a binding commitment that upon payment of the loan amount, the property will be transferred back to the mortgagor

   
• Mortgage by deposit of title-deeds In this option the mortgagor transfers the title deed of his property to the lender. This creates a transfer of title deed or transfer of property when the payment is not done.
• Anomalous mortgage If the mortgage does not fall under the categories mentioned above, then it is deemed as Anomalous mortgage

The different types of mortgage under transfer of property act are created in favor of the lender over the immovable property. Anomalous mortgage is also known as mortgage by conditional sale or a mortgage by deposit of title deeds. 

This is all from my end about kinds of mortgage in property law. 

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