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Mortgage: Meaning and Essentials

1. Meaning of Mortgage

A mortgage is a transfer of an interest in immovable property to secure a loan or fulfillment of an obligation. It is a form of security for the repayment of debt.

Definition Under Section 58 of the Transfer of Property Act, 1882

"A mortgage is the transfer of an interest in specific immovable property for 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."

Thus, a mortgage involves:

  • A transfer of interest (not ownership).
  • The immovable property as security.
  • A debt or obligation that must be repaid.

2. Essentials of a Valid Mortgage

For a mortgage to be legally valid, it must satisfy the following conditions:

(i) Transfer of Interest in Immovable Property

  • The mortgagor (borrower) transfers only an interest in the property, not full ownership.
  • The mortgagee (lender) has the right to recover the loan by enforcing the mortgage.

(ii) Must be for Securing a Debt or Obligation

  • A mortgage must be created to secure a loan, existing debt, or future liability.
  • If there is no financial obligation, it is not a mortgage.

(iii) Subject Matter Must be Immovable Property

  • The property mortgaged must be immovable, which includes land, buildings, and benefits arising out of land.

(iv) The Property Must be Specifically Mentioned

  • The mortgage must specify the exact property being mortgaged.

(v) The Mortgage Must be in Writing (For Certain Types)

  • As per Section 59 of the TPA, if the principal amount is ₹100 or more, or the mortgage involves possession, it must be in writing and registered.
  • In the case of simple mortgage, registration is mandatory.

(vi) Right to Redemption

  • The mortgagor must have the right to redeem the property after repayment of the loan.

3. Types of Mortgages Under the Transfer of Property Act, 1882

The Act recognizes six types of mortgages:

  1. Simple Mortgage – The property is mortgaged but possession remains with the mortgagor.
  2. Mortgage by Conditional Sale – The sale becomes absolute if the mortgagor fails to repay the loan.
  3. Usufructuary Mortgage – The mortgagee gets possession and enjoys rents or profits.
  4. English Mortgage – The mortgagor transfers absolute ownership, but with a condition to retransfer on repayment.
  5. Mortgage by Deposit of Title Deeds (Equitable Mortgage) – Only title deeds are deposited as security.
  6. Anomalous Mortgage – A mortgage that does not fit into any of the above categories.

4. Conclusion

A mortgage is a legally recognized transfer of interest in immovable property as security for a loan or obligation. For a mortgage to be valid, it must involve a debt, specific immovable property, transfer of interest, and (in most cases) a written agreement.

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