Existing user? Sign in
Share your needs with us, get contacted by law firms.
Free. Takes 2 min.
Free Guide to Hiring a Real Estate Lawyer
Or refine your search by selecting a city:
Mortgage law in India forms a critical part of property and real estate transactions. A mortgage refers to a transfer of an interest in immovable property to secure the repayment of a loan or the performance of an obligation. Governed primarily by the Transfer of Property Act, 1882, and complemented by other laws like the Indian Contract Act, 1872, and the SARFAESI Act, 2002, mortgage laws provide a legal framework for the creation, enforcement, and termination of mortgages. The legal landscape is designed to protect both the lender's and the borrower's interests, balancing access to credit with property rights security.
Engaging a qualified lawyer can be crucial in various situations relating to mortgages:
Several key aspects of Indian local laws are pertinent to mortgages:
A mortgage involves securing a loan against immovable property, whereas a simple loan doesn't necessarily require collateral.
In a mortgage, property title may remain with the borrower or lender, depending on the type of mortgage agreed upon.
A mortgaged property can be sold with the consent of the lender, typically after settling the outstanding loan amount.
A reverse mortgage allows homeowners to borrow against the value of their home, receiving periodic payments; it is typically available for senior citizens.
This Act empowers banks and financial institutions to recover dues without intervention of courts by auctioning off the secured assets.
A lien is a legal claim on assets placed as security, whereas a mortgage specifically involves the transfer of an interest in immovable property.
Foreclosure is a legal process where a lender attempts to recover the balance of a loan by forcefully selling the secured asset. Borrowers have rights to proper notice and opportunity to reclaim the property.
The terms of a mortgage may be modified if both parties agree, typically involving legal documentation.
While not mandatory, consulting a lawyer for understanding the terms, legal obligations, and implications is advisable.
A mortgage is discharged by repayment of the debt, after which the lender returns the title deed and releases the obligation.
Here are some recommended resources and organizations that can provide additional support:
If you are seeking legal assistance in mortgage matters, consider the following steps:
Lawzana helps you find the best lawyers and law firms in India through a curated and pre-screened list of qualified legal professionals. Our platform offers rankings and detailed profiles of attorneys and law firms, allowing you to compare based on practice areas, including Mortgage, experience, and client feedback.
Each profile includes a description of the firm's areas of practice, client reviews, team members and partners, year of establishment, spoken languages, office locations, contact information, social media presence, and any published articles or resources. Most firms on our platform speak English and are experienced in both local and international legal matters.
Get a quote from top-rated law firms in India — quickly, securely, and without unnecessary hassle.
Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation.
We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.
Refine your search by selecting a city.
