Section 60 of TPA : Section 60: Right Of Mortgagor To Redeem
The Transfer of Property Act, 1882
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Explanation using Example
Example Scenario:
Imagine that John took a loan from ABC Bank and mortgaged his house as security for the loan. The loan was scheduled to be repaid by January 1, 2023. As per the terms of the mortgage, the house was to be returned to John upon full repayment of the loan.
On January 1, 2023, John pays the outstanding loan amount in full to ABC Bank. He now wishes to exercise his right to redeem the property. Under Section 60 of The Transfer of Property Act, 1882, John has the right to demand from A...
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