A comparative table of all types of mortgages under Section 58 of the Transfer of Property Act, 1882 with definitions, rights, and key differences:

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 A comparative table of all types of mortgages under Section 58 of the Transfer of Property Act, 1882 with definitions, rights, and key differences:

Comparison Table: Types of Mortgages under Section 58 – TPA, 1882

Type of Mortgage Definition Possession with Mortgagee Right to Sale / Foreclosure Registration Required Key Features
1. Simple Mortgage Mortgagor binds himself personally to repay and agrees, expressly or impliedly, that property will be sold if default occurs. No Yes, with court intervention Yes Personal liability exists; no delivery of possession.
2. Mortgage by Conditional Sale Ostensible sale with a condition that becomes void on repayment or becomes absolute on default. No Yes, treated as sale on default Yes No personal liability; must be proved that it was a mortgage, not a sale.
3. Usufructuary Mortgage Mortgagor delivers possession and allows mortgagee to retain it and receive rents/profits in lieu of interest. Yes No (no right to sale/foreclosure) No (but advisable) Mortgagee earns income from property; no time fixed for redemption.
4. English Mortgage Mortgagor binds himself personally to repay on a certain date and transfers absolute ownership with condition to retransfer. No Yes, without court intervention (if power is given) Yes Title is transferred absolutely, but redemption is assured.
5. Mortgage by Deposit of Title Deeds (Equitable Mortgage) Created by mere deposit of title deeds in notified towns to secure a loan. No Yes, through court No (in notified towns) No formal document required; common in banking transactions.
6. Anomalous Mortgage Any mortgage that does not fall into the above categories or is a combination of them. Depends on terms Depends on contract Depends on form Mixed or customized mortgage; governed by specific terms of the deed.

Note:

  • All mortgages (except deposit of title deeds) require registration if made by deed.

  • Section 67 provides right of foreclosure or sale depending on the type.

  • Usufructuary mortgage is only type where mortgagee gets possession.


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