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A mortgage is a legal instrument of the common law which is used to create a security interest in real property held by a lender as a security for a debt, usually a mortgage loan. Hypothec is the corresponding term in civil law jurisdictions, albeit with a wider sense, as it also covers non-possessory lien .
It is also possible to subcategorize on whether the loan is a secured loan or an unsecured loan, and whether the rate of interest is fixed or floating. Promise to Repay Forms of loan agreements vary tremendously from industry to industry, country to country, but characteristically a professionally drafted commercial loan agreement will ...
A mortgage loan or simply mortgage (/ ˈ m ɔːr ɡ ɪ dʒ /), in civil law jurisdictions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged.
Real estate investors commonly rely on hard money loans to manage multiple flip projects. Hard money loans deliver cash quickly but at a higher interest rate compared to other types of financing.
In the case of home loans, if the borrower defaults on the loan, the bank would have the legal right to repossess the house and sell it, to recover sums owing to it. Loan modification can avoid defaults. [1] Similarly, a loan taken out to buy a car may be secured by the car.
When used in the context of residential real estate, it is also called "bond-for-title" or "owner financing." [ 1 ] Usually, the purchaser will make some sort of down payment to the seller, and then make installment payments (usually on a monthly basis) over a specified time, at an agreed-upon interest rate , until the loan is fully repaid.
The Land Improvement Loans (Tamil Nadu Amendment) Act, 1964; The Legal Practitioners (Tamil Nadu Amendment) Act, 1943; The Legal Practitioners (Tamil Nadu Amendment) Act, 1960; The Lepers (Tamil Nadu Repeal) Act, 1987; The Letters Patent Providing for Sheriff Appointment (Tamil Nadu Amendment) Act, 1983; The Madras City Civil Court Act, 1892
Much of Tamil grammar is extensively described in the oldest available grammar book for Tamil, the Tolkāppiyam (dated between 300 BCE and 300 CE). Modern Tamil writing is largely based on the 13th century grammar Naṉṉūl , which restated and clarified the rules of the Tolkāppiyam with some modifications.