Charge and mortgage
This query is : Resolved
anshul jain
(Querist)
09 October 2013
what is the difference between charge and mortgage ?
SAMADHAN SHRIRAM
(Expert)
09 October 2013
Mortgage is a conveyance of property, subject to a right of redemption whereas a charge only gives a right to payment out of a particular immovable property without transfering it
CA Pallav Singhania
(Expert)
09 October 2013
A mortgage is a contract between the lender and the borrower that allows an individual to borrow money from a lender for the purchase of housing.
The possession of the property remains with the borrowers (as they will usually reside in their home).
A “mortgage” is a conveyance of property, subject to a right of redemption,
whereas a charge only gives a right to payment out of a particular immovable property without transferring it.
A “mortgage” can be enforced against a bonafide purchaser for value whether with or without notice but a charge cannot..
regards,
The possession of the property remains with the borrowers (as they will usually reside in their home).
A “mortgage” is a conveyance of property, subject to a right of redemption,
whereas a charge only gives a right to payment out of a particular immovable property without transferring it.
A “mortgage” can be enforced against a bonafide purchaser for value whether with or without notice but a charge cannot..
regards,
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