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Redemotion of the mortgage property

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Querist : Anonymous

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Querist : Anonymous (Querist)
04 May 2012 what is the meaning of the redemption of the mortgage property?
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Sachidanand Singh

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Sachidanand Singh (Expert)
04 May 2012 Redeeming a mortgaged property means getting that property out of mortgage by discharging the debt secured with the mortgage. The mortgagor’s ownership rights on a mortgaged property are less than absolute; described as ownership “subject to mortgage”. This is because in mortgage some “interest” in the property gets transferred to the mortgagor. After redemption the owner’s ownership rights again become absolute.
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