AN ANALYSIS ON THE CHARACTERISTICS OF LEGAL MORTGAGE IN A WIDENED LENS OF INTERPRETATION

AUTHOR – J GOWRI, STUDENT AT SYMBIOSIS LAW SCHOOL, HYDERABAD

Best Citation – J GOWRI, AN ANALYSIS ON THE CHARACTERISTICS OF LEGAL MORTGAGE IN A WIDENED LENS OF INTERPRETATION, ILE FORTNIGHTLY REVIEW (ILE FN), 1 (1) of 2023, Pg. 33-38, APIS – 3920 – 0035 | ISBN – 978-81-964391-3-2.
Abstract

Most of the people would have come across the term “mortgage” in their daily lives or when applying for a loan to purchase real estate. A mortgage, in simple terms, is a legal agreement between a debtor and a creditor, such as a bank or a society (creditor), wherein the debtor accepts to transfer his interest in the property to creditor till the loan is repaid. As a result, a mortgage is formed in the lender’s favour on the immovable property (creditor). As per the Transfer of Property Act (TPA) of 1882, there exist six types of Mortgages and each one of them has its own advantages and disadvantages. This paper has outlined the characteristics of a legal mortgage as well as the various methods in which a mortgage deed can be used. It ends by complimenting the commendable move of widening the scope of the mortgage as it is defined in the act, enabling the mortgage procedure to be used in a variety of situations. The paper also explains how the right is not fully unrestricted and can be subjected to reasonable constraints.

Keywords: Transfer of Property, Immovable Property, Mortgage, Equitable mortgage, security of land.