Different Types of Mortgage Loans
in India
Below are the different types of
mortgage loans and following are the reasons for them all:
- • Simple Mortgage
- • Usufructuary Mortgage
- • Mortgage by Deposit of Title Deeds
- • Mortgage by Conditional Sale
- • Anomalous Mortgage
- • Reverse Mortgage
Simple Mortgage: during this kind of mortgage loan, the creditor
doesn't acquire the possession of the property. However, he has the authority
of mortgaging the land just in case the mortgager (the loan availer) fails to
pay back the loan.
English Mortgage: during this form of mortgage loan, the loan is to
be repaid by an exact date reciprocally arranged by the investor and therefore
the loan seeker. The recipient ought to pay back the loan by an exact date
failing which; the creditor holds the correct to sell away the property.
Usufructuary Mortgage: during this loan kind, the mortgager passes
on the possession of property or binds oneself to pass the possession to the
creditor. just in case the property is profitable, the gain goes to the
creditor till the loan is paid off.
Mortgage by Deposit of Title Deeds: during this reasonably loan
kind, the property is delivered to an agent or a mediator for safeguarding. The
stamp duty for this sort of loan isn't due .
Mortgage by Conditional Sale: during this case, the mortgager
supposedly sells the collateral property on stake just in case the mortgage
quantity stays unpaid by the reciprocally determined date, or the sale of
mortgage doesn't hold any price, or the creditor re-assigns the property to the
mortgager.
Anomalous Mortgage: The loan kind may be a combine and match of
mortgage loans of varied varieties.
Reverse Mortgage: because the name recommend, the proceedings of
the loan happen the other or within the reverse mode. In traditional loans, the
recipient pays monthly installments. However, during a loan through reverse
mortgage, the investor pays monthly amounts of mortgage cash to the recipient
or mortgager. during this means, the cash is reborn into equity.
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