What is a Mortgage?
Transfer of property act 1882, under section 58(a) deals with mortgage. The necessary ingredients of mortgage are:-
1. Transfer of interest in specific immovable property.
2. Transfer is for the purpose of securing the payment of money advanced or to be advanced by way of loan.
3. It may be existing and future debt.
4. It may be also for performance of an engagement, which may lead to financial liability.