What are the different kinds of mortgage under the transfer of property Act?
Mortgage Under the Transfer of Property Act
- Simple mortgage.
- Mortgage by conditional sale.
- Usufructuary Mortgage.
- English Mortgage.
- Mortgage by deposit of title deeds.
- Anomalous Mortgage.
How many types of mortgages are in TPA?
Mortgage loans in India are available under 6 different mortgage types. Under Section 58(a) of the Transfer of Property Act, 1882, mortgage’s definition stands as a specific immovable property’s transfer of ownership to secure payment of funds against it, extended as a mortgage loan in the form of credit.
What is mortgage and its types?
Mortgages are further classified as 1) Conventional mortgages 2) Jumbo mortgages 3) Government-insured mortgages 4) Fixed-rate mortgages 5) Adjustable-rate mortgages. Now, based on these, there are further loan type. Types of Mortgages in our country: Simple Mortgage.
In which type of mortgage the property is transferred Absolutely?
Considered the safest form of mortgage, English Mortgage is preferred by financial institutions. The borrower binds himself to return the loan amount on a specific future date. The mortgaged property is transferred absolutely to the lender.
What is mortgage in transfer of property?
(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.
What are the types of mortgage in law?
A mortgage which is not a simple mortgage, a mortgage by conditional sale, an usufructuary mortgage, an English mortgage or a mortgage by deposit of title deeds within the meaning of section 58 is called an anomalous mortgage.
Which type of transfer does not covered by Transfer of Property Act?
Stipends related to Military, Naval, Air Forces, Civil Prisoners, government pensions, etc are personal rights and cannot be transferred. General rule of Transfer of Property is that property of any kind can be transferred from one person to another.