• Simple Mortgage Deed: The mortgagor pledges an immovable asset to secure a loan, and the mortgagee has the right to sell the property if the borrower defaults on payment.
• Usufructuary Mortgage Deed: The lender gains possession of the property and can earn from it through profit or rent, without personal liability for the borrower.
• English Mortgage Deed: This deed establishes the borrower's liability and grants the lender property rights if the borrower repays the loan in full.
• Mortgage by Conditional Sale Deed: The borrower sells the property with the condition that the sale will be reversed if they successfully repay the loan.
• Mortgage by Title Deed Deposit: The borrower deposits the property’s title deed with the lender to obtain a mortgage loan.
• Anomalous Mortgage Deed: This refers to any mortgage loan that does not fit into the standard types of mortgage deeds.
• Commercial Mortgage Deed: This is used by entrepreneurs to finance the purchase of commercial properties such as shops or office spaces.

• The names and addresses of the borrower and lender.
• Names of any intermediaries and guarantors, if any.
• Address and the description of the property being mortgaged.
• The loan amount and interest rate.
• The repayment terms and schedule.
• Any covenants or conditions related to the mortgage, including covenant for repayment.
• Redemption Clause
• Details of remedies in case of default.

In the event of a mortgage default, lenders have legal options to recover the outstanding debt. If borrowers fail to meet their mortgage obligations, the lender can take legal action to safeguard their financial interests.

One common remedy is initiating legal foreclosure proceedings against the borrower to recover the unpaid loan amount. This legal process allows the lender to seek a court order to sell the mortgaged property to recover the debt.

Additionally, if the mortgage agreement includes a personal guarantee, the lender can take legal action against the guarantor to recover the outstanding debt.

• Right of Redemption: A mortgagor has the statutory right to redeem the mortgage. Once the repayment amount is due, the mortgagor can reclaim the mortgaged property by paying the amount owed to the mortgagee. Any agreement cannot waive this right.
• Right to Transfer to a Third Party: A mortgagor can instruct the mortgagee to transfer the debt to a third party instead of directly repaying it. This allows the mortgagor to settle the debt by securing a new loan against the same property.
• Right to Inspect and Access Documents: The mortgagor has a right to inspect documents related to the mortgaged property held by the mortgagee. The mortgagee is to cover the costs of this inspection.
• Right to Accession: If any additions are made to the mortgaged property while the mortgagor retains possession, the mortgagor has the right to claim these additions upon redeeming the mortgage. This includes both natural and acquired accessions.
• Right to Improvement: If improvements are made to the property by the mortgagee while the property is under mortgage, the mortgagor can claim these improvements upon redemption. However, the mortgagor must reimburse the mortgagee for any costs incurred in preserving the property.
• Right to Renewed Lease: If the mortgaged property is leasehold and the mortgagee renews the lease during the mortgage term, the mortgagor will benefit from the renewed lease upon redeeming the mortgage.
• Right to Grant a Lease: A mortgagor can grant a lease on the property in the mortgagee’s possession, provided the lease adheres to local laws, is not prepaid, does not include a renewal covenant, becomes effective within six months, and, if for buildings, lasts no longer than three years.