Under TPA, provisions of mortgage transactions have been provided from Section 58

to 104.[3] Section 58 of TPA[4] defines mortgage. In case,[5] SC observed that

mortgage law in India is wholly embodied in Section 58 of TPA, read with CPC. Order
XXXIV[6], Rule 1-15[7] deals with suits related to mortgage transactions. The court
dealing with the suit is barred from going beyond these provisions. Section 2(a) of
the Stamp Act[8] also defines "mortgage."

As per section 58,[9] Essential Ingredients of Mortgage:

There should be transfer of interest:
it means interest is not transfer of ownership. Right of mortgagee is only an
accessory right that is intended merely to secure due payment of debt. Nature and
quantity of interest or rights transferred will depend on the kind/form of
mortgage.

Of immovable property:
It must be immovable property with specific mention in deed. For example, it shall
not be denoted as "my land or my house." It must be mentioned in a certain
reasonable manner, so it can be distinguished as to which property it is.

With the intention for securing the payment of money:

Advanced or to be advanced by way of loan:
Transfer made solely with the intention of securing debt or other obligation but by
way of discharging liability is not a mortgage.

Existing or future debt:

Existing debt implies which are not barred by time. Future debt is which occurs
after mortgage. It is not necessary that securing debt shall be made before the
transaction; it could be executed for securing money payment advanced in future.

Performance of an engagement which may give rise to pecuniary liability:

consideration can be an engagement that arises pecuniary liability against
mortgagor. Performance infers to act of mortgagor resulting from such engagement.
These ingredients are essential to follow; if not followed, then mortgage
transaction is not complete.

The section further provides for who is mortgagor, mortgagee, and mortgage- money,
mortgage-deed. Mortgage-money is the principal money and interest of which payment
is secured for specific time. Mortgage-deed is the instrument through which
mortgage has been done.