Mortgage
The transfer of an interest in immovable property to secure repayment of money advanced.
In Simple Terms
Putting your property up as security for a loan.
Detailed Legal Meaning
A mortgage transfers an interest in specific immovable property to secure repayment of a loan or the performance of an engagement giving rise to a pecuniary liability, and takes several statutorily defined forms (simple, usufructuary, English, equitable/by deposit of title deeds, among others), each with different rights and remedies on default.
Relevant Acts & Sections
- Transfer of Property Act, 1882Search on India Code ↗