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Types of mortgages

There are different types of mortgages - mortgage by conditional sale, usufructuary mortgage, English mortgage, mortgage by deposit of title deeds and anomalous mortgage. All these are defined in Section 58 of the Transfer of Property Act, 1882.

The mortgagor, apart from executing the deed in favour of the mortgagee on the property, also physically delivers possession of the property to the mortgagee. It will be specified in the mortgage deed that on the payment of the mortgage money on the specified date, the possession of the property shall be delivered back to the mortgagor.

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