A mortgage creates a legal charge on immovable property in favor of the lender. In India, mortgages are governed by the Transfer of Property Act, 1882. The most common form for home loans is equitable mortgage (deposit of title deeds).
Some states require registered mortgage with stamp duty. The mortgage gives lenders the right to sell property through SARFAESI Act proceedings if the borrower defaults. It is released upon full repayment with original documents returned.
The mortgage is the legal mechanism enabling property-based borrowing. Understanding types, costs, and implications helps protect property rights while accessing credit.
Nihal Fintech assists clients with mortgage documentation and navigating the legal process for both home loans and LAP, ensuring smooth execution.
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