IMPORTANT: We provide services of highly qualified Indian Mortgage Lawyers for creating of mortgage, release of mortgage, call us at our board No. 9-11-2335 5388 for any such services or mail us through the contact us page of our website.
Services by Indian Mortgage Lawyer:
- Legal advice services by Indian Mortgage Lawyer.
- Title search of property by Indian Mortgage Lawyer.
- Legal due diligence services by expert team of Indian Mortgage Lawyers.
- Legal documentation by Mortgage Lawyer.
- Legal documentation for creation of mortgage and release of mortgage by Indian Mortgage Lawyer.
- All legal services in the fields of Indian mortgage laws by Indian Mortgage Lawyer.
- Litigation services in the fields of Indian mortgage laws through highly qualified and specialized Indian Mortgage Lawyer.
Brief description of Indian Mortgage Laws:
Indian mortgage laws are very important laws which deal with various issues related to the mortgage laws and its effects on various types of properties. Mortgage laws have assumed more importance due to the mortgage being used as a means to procure money against properties. Now the Indian banks have also started concentrating on the mortgage laws as most part of the loans issued by the banks is based on mortgages.
Definitions of Mortgage, mortgagor, mortgagee, mortgage-money and mortgage-deed
A mortgage is the transfer of an interest in specific immovable 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. The transferor is called a mortgagor, the transferee a mortgagee; the principal money and interest of which payment is secured for the time being are called the mortgage-money and the instrument (if any) by which the transfer is effected is called a mortgage-deed.
Types of Mortgages:
(1) Simple mortgage Where, without delivering possession of the mortgaged property, the mortgagor binds himself personally to pay the mortgage-money, and agrees, expressly or impliedly, that, in the event of his failing to pay according to his contract, the mortgagee shall have a right to cause the mortgaged property to be sold and the proceeds of sale to be applied, so far as may be necessary, in payment of the mortgage-money, the transaction is called a simple mortgage and the mortgagee a simple mortgagee.
(2) Mortgage by conditional sale Where the mortgagor ostensibly sells the mortgaged property on a condition that on default of payment of the mortgage-money on a certain date the sale shall become absolute, or on condition that on such payment being made the sale shall become void, or on a condition that on such payment being made the buyer shall transfer the property to the seller, the transaction is called mortgage by conditional sale and the mortgagee, a mortgagee by conditional sale:
Provided that no such transaction shall be deemed to be a mortgage, unless the condition is embodied in the document which effects or purports to affect the sale?
(3) Usufructuary mortgage Where the mortgagor delivers possession or expressly or by implication binds himself to deliver possession of the mortgaged property to the mortgagee, and authorizes him to retain such possession until payment of the mortgage-money, and to receive the rents and profits accruing from the property or any part of such rents and profits and to appropriate the same in lieu of interest, or in payment of the mortgage-money, or partly in lieu of interest or partly in payment of the mortgage-money, the transaction is called an usufructuary mortgage and the mortgagee an usufructuary mortgagee.
(4) English mortgage Where the mortgagor binds himself to repay the mortgage-money on a certain date, and transfers the mortgaged property absolutely to the mortgagee, but subject to a proviso that he will re-transfer if to the mortgagor upon payment of the mortgage-money as agreed, the transaction is called an English mortgage.
(5) Mortgage by deposit of title-deeds Where a person in any of the following towns, namely, the towns of Calcutta, Madras and Bombay, and in any other town which the State Government concerned may, by notification in the Official Gazette, specify in this behalf, delivers to a creditor or his agent documents of title to immovable property, with intent to create a security thereon, the transaction is called a mortgage by deposit of title-deeds.
(6) Anomalous mortgage 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 this section is called an anomalous mortgage.
IMPORTANT: As a Law Firm Delhi, we provide the services of Indian Mortgage Lawyer for all legal services related to creating and release of mortgage, litigation in the field of mortgage call us at our board No. 9-11-2335 5388 for any such services or mail us through the contact us page of our website.