There are different types of mortgage which confer different rights and liabilities to the mortgagors.
Right of redemption: the mortgagor is the owner of the property. He simply transfers an interest in property to the mortgagee. As soon as the loan is paid off, he has the right to redeem the property. The mortgagee shall have to return the mortgage deed and all the other documents pertaining to the property of the mortgagor.
Right to partial redemption: the mortgagor as a general rule cannot redeem the property in piecemeal. In case the mortgagee happens to acquire a share in the mortgaged property through purchase or inheritance, the mortgagor then has the right to partial redemption of the mortgaged property.
Right to recover possession: the mortgagor has the right to recover possession of the property on payment of the loan of the mortgage.
Implied contracts by mortgagor: The mortgagor has certain implied contracts with the mortgagee. When the mortgagor is in possession of property he will defend the title to property, pay public charges, rates and taxes. He will also observe all conditions contained in the agreement deed.
Mortgagor's power to lease: The transfer of property act provides a clause that the mortgagor who is in possession of the property can make lease of the real estate in the ordinary course of the management of property.
Right of redemption: the mortgagor is the owner of the property. He simply transfers an interest in property to the mortgagee. As soon as the loan is paid off, he has the right to redeem the property. The mortgagee shall have to return the mortgage deed and all the other documents pertaining to the property of the mortgagor.
Right to partial redemption: the mortgagor as a general rule cannot redeem the property in piecemeal. In case the mortgagee happens to acquire a share in the mortgaged property through purchase or inheritance, the mortgagor then has the right to partial redemption of the mortgaged property.
Right to recover possession: the mortgagor has the right to recover possession of the property on payment of the loan of the mortgage.
Implied contracts by mortgagor: The mortgagor has certain implied contracts with the mortgagee. When the mortgagor is in possession of property he will defend the title to property, pay public charges, rates and taxes. He will also observe all conditions contained in the agreement deed.
Mortgagor's power to lease: The transfer of property act provides a clause that the mortgagor who is in possession of the property can make lease of the real estate in the ordinary course of the management of property.