Price: 4000.00 ₹

Description

The ‘Transfer of Property Act 1882’ says “A mortgage is the transfer of an interest in specific immovable property to secure the payment of money advanced or to be advanced by way of loan, an existing or future debt, or the performance of an engagement which may give rise to a pecuniary liability”.
To advance home loans and loans against properties, banks and HFCs (Housing Finance Companies) seek security in the form of a mortgage of the property to be funded. In case of default of loan repayment, lenders will have the legal right to enforce the security to order to recover outstanding debt along with interest and other charges.

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