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There are some important cautions to be taken while looking for real estate investment. Among them, the paramount one is to find Whether the proposed property is free from mortgage or not. Perchance, that is the most important precaution to be taken while planning to buy a property. A mortgage is very common nowadays in respect of furnishing securities. The mortgage is defined in Transfer of Property Act, 1882, Vide section 58. It associates the transfer of the interest in a specific immovable property for the objective of securing an existing or future debt or for the performance of an engagement which may give rise to a monetary accountability. If you are planning to buy flats and apartments in Calicut, check whether the property is free from mortgage or not. In general, mortgage means the transfer of some interest in the property while the legal ownership continues with the borrower.
Different types of mortgages
• Simple Mortgage
• Mortgage by conditional sale
• Usufructuary mortgage
• English Mortgage
• Mortgage by deposit of title deeds (Equitable mortgage)
• Anomalous mortgage
Among these types of mortgages, the most common two types of mortgages prevalent among bankers are Equitable Mortgage & Simple Mortgage.
Simple Mortgage
Section 48 0f the Registration Act 1908 lays down that all mortgages which are put in writing must be registered if the mortgage money outpaces Rs.100. In a Simple Mortgage, the mortgagor binds himself personally amenable for the mortgage and gives his acquiescence that in case of default; the mortgagee can auction the mortgaged property through the mediation of court. This type of mortgage does not require the transfer of possession of the property. But the mortgagee has the right to proceed against the mortgagor and can move the court to get an order to sell the property. Also, he has no right for claiming the income derived from the property towards clearance of the mortgage.
Equitable Mortgage
According to the equitable mortgage, the mortgagor should deliver the title deeds in a notified place and it must be with an intention to create a mortgage. Equitable Mortgage does not require registration. The borrower gets money from the bank/lender with an accord that his property, on which the equitable mortgage is created, will act as security for the loan. An equitable mortgage is less expensive one.
Ladder Kerala, the most trusted builders in Calicut by various forums based on the commitment towards delivering luxury apartments at an affordable cost. If you aspire to own luxury flats in Calicut with an ethereal lifestyle, then Ladder Mankav Greens is the ideal place for you. Ladder Mankav Greens is the latest project of Ladder Kerala. This premium apartment project at Mankav, Calicut offers copious parking space, security with CCTV surveillance and many more features. An unmatched 20-year free maintenance support & home loans at 4.99 % made this project a perfect place for real estate investment.
For more information visit our website: http://ladderkerala.com/ladder-mankav-greens/
Please Touch With Us: +91 9400470022
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Monday 2 October 2017
Mortgage of Immovable property
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