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There are basically six types of Mortgage
- Simple Mortgage: In a Simple mortgage, the possession of the mortgaged property is not transferred from mortgagor to the mortgagee. If the mortgagor fails to repay the loan, the mortgagee has the right to sell the property and recover the loan from the sale amount.
- Mortgage by Conditional Sale: Under such Mortgage, the mortgagor apparently sells the property to the mortgagee on certain conditions
1. On failure to repay the mortgage money before a certain date the sale shall become absolute, or
2. On condition that on such repayment of mortgage money the sale shall become invalid, or
3. On condition that on such repayment the mortgagee shall retransfer the property.
In such case, the mortgagee is a “mortgagee by conditional sale”. - Usufructuary Mortgage: In a usufructuary Mortgage, the possession of the mortgaged property is transferred to the mortgagee. The mortgagee receives the income from the property (rent, profit, interest, etc) until the repayment of the loan. The title deeds remain with the owner.
- English Mortgage: In an English Mortgage the mortgagor binds himself to repay the borrowed money on a certain date. The mortgagor transfers the property absolutely to the mortgagee. But such transfer is subject to the condition that the mortgagee will retransfer the property on repayment before the agreed date.
- Mortgage by deposit of title of deeds: In such mortgage, the mortgagor delivers the title document of the property to the mortgagee with an intention to create a security thereon. Such mortgage is valid in towns of Kolkata, Mumbai and any other town as the State Government may notify by publication in Official Gazette
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