The mortgage agreement is a legal document after it has been executed on the e stamp paper and duly signed by both parties. The mortgagee, who is also called a lender, will have a legal right on the mortgaged property. The mortgagor, who is also named as borrower, pledges his property as a security against his loan. The mortgage agreement gives the lender’s possession on the property and even rights to realize the due amount if the borrower defaults on payment. The mortgage is the most common practice especially when you want to secure a home loan from any banks or financial institutions. In case of default, the lender can auction/sell the property and recover their dues and after taking in principal, interest, and any excess amount from the sale of the property will be returned to the owner of the property.
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