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MORTGAGE ADVICE
What is a mortgage in the context of Indian banking?
A mortgage is a transfer of interest in immovable property to secure a loan or debt obligation, as defined under Section 58 of the Transfer of Property Act, 1882.
What is an anomalous mortgage under the Transfer of Property Act, 1882?
A mortgage that does not fit any standard category defined by law.
What are the six types of mortgages recognized under the Transfer of Property Act, 1882?
The six types are: Simple Mortgage, Mortgage by Conditional Sale, Usufructuary Mortgage, English Mortgage, Equitable Mortgage (Mortgage by Deposit of Title Deeds), and Anomalous Mortgage.
What is the maximum LTV ratio allowed by RBI for home loans above Rs 75 lakh?
RBI prescribes maximum 75% LTV for loans above Rs 75 lakh.
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