Definition
A transfer of interest in immovable property as security for the repayment of money. The Transfer of Property Act recognises six types: simple, mortgage by conditional sale, usufructuary, English, mortgage by deposit of title deeds (equitable mortgage), and anomalous mortgage. Banks most commonly use equitable mortgage (deposit of title deeds) and English mortgage for home loans.
Related Terms
Equitable Mortgage
Also called "mortgage by deposit of title deeds" under Section 58(f) of the Transfer of Property Act…
Charge
A security interest created on immovable property or other assets as collateral for a loan. A regist…
Security Interest
A right, title, or interest of any kind upon property created in favour of a secured creditor as a s…
SARFAESI
The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, …
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Defined by Advocate Subodh Bajpai, Senior Partner, Unified Chambers and Associates