Meaning of Mortgage
A mortgage is a transfer of any interest in a specified fixed asset for the purpose of providing security for the performance of any money lent or to be lent, debt existing or future, or any promise capable of creating a pecuniary liability. Thus, mortgage is meant to hold the right of immovable property as security for the payment of debt.
The form through which the right to an immovable property is given to the lender is called a mortgage deed. The transferor is called the mortgagee and the transferee is called the mortgagee. Following are the main features of mortgage
(1) The security of an immovable property is provided in mortgage.
(2) The interest in the property in mortgage is transferred.
(3) The origin of the mortgage is only by the parties.
(4) Mortgages are usually made for a fixed period.
(5) The region of the host is narrower because it is a part of the charge itself.