Nature and Scope of Mortgage Law in India and Different Kinds of Mortgages

By Shefali
A mortgage is a transfer of an interest in immovable property. One person gives
his/her property to another in exchange for money as a loan for a specific period.
The loan can be taken on immovable property specifically, which is tangible form.
However, in case of default in repayment, person holding the mortgaged property can
sell or use the property to compensate for his loss.

The transaction conditions depend on the parties; for example, when a person lends
money to another, he may do so without asking for any security or demand some
security for the payment of money. Then, in case of default, when there was no
security taken, person who lent the money may sue for repayment. And if there is
some security taken, that security may be used to recoup the lost money.
ption;[2] it is a conveyance of the legal interest in property. It means that after
the repayment of loan, the conveyance becomes void.