A mortgage is a legal agreement by which a person takes out a loan using their house or any other property as a security. According to Freddie Mac, a mortgage is a loan secured by a property/house and paid in installments over a period of time. A lender who gives loan to the person in the mortgage agreement is called mortgagee while the borrower in a mortgage agreement is called mortgagor.There are six types of mortgages in India.1. Simple mortgage:The possession of the mortgaged property is not transferred from mortgager to mortgagee in simple mortgage. If the loan is not repaid by the mortgagor then the mortgagee has a right to sell the property to recover the mortgage.2. Mortgage by conditional sale:The mortgagor sells the property to the mortgagee on a conditional basis. On default by the mortgagor the sell becomes absolute and complete but if the mortgagor repays the loan the sale becomes null and void.3. Usufructuary mortgage:The possession of the property is transferred to the mortgagee and all the income coming from the property is received by the mortgagee until the repayment of loan/mortgage. There is no time limit of the repayment of the loan.4. English mortgage:The mortgagor transfers the mortgage property to the mortgagee absolutely and binds him/her to repay the loan on a certain date with the condition that the mortgagee will re-transfer the property to the mortgagor on repayment of loan before the agreed date.5. Reverse mortgage: The mortgagee lends money to senior citizens against their property/house. There is no need to repay the mortgage as the property automatically goes into the possession of the mortgagee in the event of the death of mortgagor. The loan is awarded as a lump sum amount or in monthly installment.6. Anomalous mortgage:If the mortgage does not fall under the purview in any other type of mortgage is anomalous mortgage. It can be a combination of different mortgages.The Indian mortgage industry was quite unorganised until recently. But now due to huge real estate requirements and its fast development has fuelled the sector growth. The market leaders in mortgage industry in India now are LIC Housing Finance, HDFC, ICICI Home Finance, etc. The mortgage rates in India are registering 20 to 25% growth (yoy) from the year 2000 onwards. The Indian mortgage market can grow at a fast pace in the coming years. Indian government should indirectly participate in the sector to help it grow faster.ByRuchi Mahajan (Contributor)займ на карту без отказов круглосуточновзять кредит онлайн