DIFFERENCE BETWEEN MORTGAGE AND HYPOTHECATION
A mortgage is a charge against immovable properties like land, building, warehouse, etc. A mortgage has to do with something attached to the earth in some way or another.
Mortgage refers to a legal arrangement, wherein there is a transfer of interest in a particular immovable asset or property by the owner, so as to secure the payment of funds raised via loan, on present or future debt or performance of an obligation, which may result in a financial liability.
Hence, the basic element of a mortgage is the ‘transfer of interest in the asset by the owner and that also to secure money paid through a loan’. In simple terms, it is the hypothecation of an immovable asset to a bank or a housing finance company.
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