What are the types of mortgage in law?

Any mortgage which is not a simple mortgage or mortgage by conditional sale or usufructuary mortgage or English mortgage or a mortgage by deposit of title deeds can be an anomalous mortgage.

How many types of mortgages are there section 58?

As per Section 58, six types of mortgages are Simple mortgage, Mortgage by Conditional Sale, Usufructuary mortgage, English mortgage, Mortgage by deposit of title-deeds, and Anomalous mortgage.

How many types of mortgage deeds are there?

Mortgage loans in India are available under 6 different mortgage types. Under Section 58(a) of the Transfer of Property Act, 1882, mortgage’s definition stands as a specific immovable property’s transfer of ownership to secure payment of funds against it, extended as a mortgage loan in the form of credit.

Can a person transfer property to himself?

The transfer of property as defined under Section 5, is an act between two living persons. The word “living person” includes corporations and other association of person. A transfer can be made by a person to himself, as for instance when a person vests property in trust and himself becomes the whole trustee.

What makes a mortgage an anomalous type of mortgage?

It is an anomalous mortgage. Such a mortgage includes a mortgage formed by the combination of two or more types of mortgages as explained above. It may, therefore, take various forms depending upon custom, local usage, or contract. Based on the transfer of title to the mortgaged property, mortgages are divided into types namely:

Which is the best definition of the word anomalous?

Definition of anomalous. 1 : inconsistent with or deviating from what is usual, normal, or expected : irregular, unusual Researchers could not explain the anomalous test results. 2a : of uncertain nature or classification an anomalous figure in the world of politics. b : marked by incongruity or contradiction : paradoxical.

What kind of mortgage is not a simple mortgage?

According to Section 58 (g) of the Transfer of Property Act, ‘a mortgage which is not a simple mortgage, a mortgage by conditional sale and usufructuary mortgage and English mortgage or a mortgage by deposit of title deeds within the meaning of this Section, is called an “Anomalous Mortgage.”

What are the different types of mortgage loans?

6 types of mortgages are; Simple mortgage, Mortgage by conditional sale, Usufructuary mortgage, English mortgage, Mortgage by deposit of title deeds, and. Anomalous mortgage. These are described below;