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A mortgage is a loan from a bank or a financial institution that helps the borrower purchase a house and it is secured by any property or real estate … The mortgage is usually to be paid back in the form of monthly payments (EMI) that consist of interest and a principal.
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A mortgage can be affected only on immovable property, the immovable property includes land. But a machine which is not permanently fixed to the earth and is shift able from one place to another is not considered to be immovable property.
A mortgage is the transfer of an interest in the specific immovable property and differs from sale wherein the ownership of the property is transferred. Transfer of an interest in the property means that the owner transfers some of the rights of ownership to the mortgage and retains the remaining rights with himself. For example, a mortgagor retains the right to redeem the property mortgaged.
The property to be mortgaged must be a specific one, i.e., it can be identified by its size, location, boundaries, with proper approved plan etc.
In case the mortgager fails to repay the loan, the mortgage gets the right to recover the debt out of the sale proceeds of the mortgaged property.