simple mortgage loan types of mortgages in telugu by advocate sowjanya Hyderabad

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TYPES OF MORTGAGES

1. SIMPLE MORTGAGE: Simple mortgage is very common in India and it is a registered mortgage.
Where, without delivering possession of the mortgaged property.
The mortgagor binds himself personally to pay the mortgaged money and agrees, Expressly or Impliedly that in the event of his failing to pay according his contract, the mortgagee shall have a right to cause the mortgaged property to be sold.

Mortgagor : He is the owner of the property.
Mortgagee: He is the money lender/ bank / creditor.
Bank can recover the principal and interest amount after selling that property only if there is something like that mentioned in the Mortgaged deed or through court order.
The proceeds of sale to be applied. so, far as may be necessary in payment of the mortgage money. As the extra money which recovered from this property have to be returned to the mortgagor.

MORTGAGE BY CONDITIONAL SALE
This type of mortgage is not used very commonly in India. It’s usage will be very less in India.
There is no complete is sale as there is a sale on conditions ,
1. where the mortgager ostensibly sells the mortgaged property.
Basically here the owner is selling the property if some conditions are fulfilled. Only on the conditions fulfillment this sale can be completed.
Total ownership is not getting transferred.

2.On the conditions that on default of payment of the mortgaged money on a certain date the sale shall become absolute sale. If the owner makes does not the principal + interest amount then the bank will sale that property and it will become absolute sale.

3. On the condition that on such payment being made the sale shall become void or on 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.
4. Provided that on such transaction shall be deemed to be a mortgagee unless the condition is embodied in the document which effect or purports to effect the sale.
Otherwise it can be a normal mortgage

3. USUFRUCTUARY MORTGAGE
Where, the mortgagor delivers possession by 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 to the mortgaged money.

Also to receive the rents and profits occurring from the property and an appropriate the same in the view of interest or in payment of the mortgaged money or partly in the lieu of interest or partly in the payment of mortgaged money.

4. ENGLISH MORTGAGE

Where, the mortgagor binds himself to repay the mortgaged money on a certain date and transfer the mortgaged property absolutely to the mortgagor.
But subject is that he will re transfer it to the mortgagor upon payment of the mortgaged money as agreed the transaction is called an English mortgage.
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5. MORTGAGE BY DEPOSIT OF TITLE DEEDS
IT is also called as EQUITABLE MORTGAGE.
This type of mortgages are mostly used in India and very common mortgage.
Where a person in any of the parts of India is eligible for these types of loans.
At present all the cities and states in india this type of mortgages are used.
Delivers to a creditor or his agent documents of the immovable property.
With intent to create a security thereon, the transaction is called a mortgage by deposits of title deeds

6. ANOMALOUS MORTGAGE

A Mortgage which is not a simple mortgage, a mortgage by conditional sale, an usufructuary mortgage or by mortgage by title deeds within the meaning of this section is called an anomalous mortgage.

Which is in all the five mortgages if it is very customized mortgage then we call it as Anomalous mortgage.

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