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Consumer Protection Act, 1986: Study Notes For JAIIB/DBF Exams
Consumer Protection Act, 1986: Study Notes For JAIIB/DBF Exams
Mortgage
➢ Mortgage is defined in Section 58 of the Transfer of Property Act 1882.
➢ Mortgage is the transfer of interest in a specific immovable property, for the purpose of securing an existing or
future debt.
➢ The person creating the mortgage is called as the mortgagor and the person in whose favour mortgage is created
(bank) is called as the mortgagee. The principal and the interest involved in the transaction is
called mortgage money and the instrument by which the transaction is taking place is called mortgage deed.
➢ Mortgage is created on Immovable property like land and building.
Types of Mortgage
Registered Mortgage
In the case of registered mortgage (also called legal mortgage) first
a mortgage deed is written which is stamped as per Stamp Act of the
concerned state. The deed is then executed in the presence of two witnesses.
Thereafter, in terms of the Indian Registration Act 1908, it is to be registered
with the Registrar of Assurances (Sub Registrar) within 4 months of the
execution.
Reverse mortgage
Reverse mortgage enables senior citizens to convert their one big asset —
their home—into a source of regular income without giving up ownership.
Book Debts, Life Policies, Money due from Govt. department Assignment