Simple mortgage



Described under Section 58(b) of the Indian Transfer of Property Work as a simple mortgage is a purchase whereby 'without delivering ownership (ownership or occupancy) of the mortgaged property, the mortgagor binds himself individually to pay the mortgage loan money and agrees, specifically or implicitly, that in the event of his failing to pay matching to his contract, the mortgagee shall have a right to cause the mortgaged property to be sold by a rule (an order of law) of the court in a suit(a case in a law court) and the proceeds of someone buy to be applied so far as may be necessary in repayment of the mortgage money; There is no foreclosures of the mortgaged property. Normally a home loan is to be listed if the mortgaged money is Rs. 100 or more. Mortgage deed is to be executed and appropriately stamped ad valorem with two best available witnesses.

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