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Types of bank charges
What is a 'bank charge' in the context of lending operations?
A bank charge is a fee or cost levied by a bank on a borrower as consideration for providing credit facilities, processing loans, or maintaining security over assets.
What is a 'mortgage by conditional sale' under the Transfer of Property Act?
Mortgagor sells property conditionally, to be retransferred on repayment.
What is a 'lien' as a type of bank charge?
A lien is the right of the bank to retain possession of goods or securities belonging to the borrower until the debt owed is repaid, without the right to sell.
What is an 'anomalous mortgage' under Indian law?
A mortgage not falling under any other defined category in the Act.
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