People never satisfied from what they have. To complete their Satisfaction, they used to purchase more and more attractive as well as wonderful properties, these properties may be anything like; House, Car etc. But Due to some Circumstances they do not have enough money to pay for the Particular properties, hence they need any Banking Sector, Financing Agencies and any other Finance Provider that can lent them money for limited time duration and by applying some conditions. Which is known as a “LOAN”.

Today there are so many Companies as well as Government Banks that helps people to get properties by giving them a Loan, but now-a-days one of the most popular loan is MORTGAGE LOAN. Mortgage is such a same as a LOAN. In simple words we can say that

“ A mortgage is a method of using properties as security for the performance of an Obligation, usually the payment of a debt.”
BUT,
“A LOAN is one kind of Debt. This debt has to be payed before particular Time duration and with additional interest rates is also to be paid by Borrower in LOAN.”
The terminology of Mortgage are different form one country to another country, But so many features are same in all countries described as per the following:

1..Properties :- The Basic needs of mortgage is Properties it is more desired for the mortgage in almost every country.

2..Borrower :- There is no mortgage possible without Borrower because if there is no one to buy then there is no question for mortgage. Thus this is must required for mortgage in any country.

3..Lender :- Lender is also most required feature or entity for mortgage. If there is no one that wants to sell for a mortgage then mortgage can't be possible.

There are so many features of mortgage but above mentioned are the most common features in almost every country.

Dear hardik soni,
I think, you are also one of them who are confused. You have linked various terms with loan and mortgage that actually itself a big term. like mortgage definition that you posted is totally different.
Mortgage: "Mortgage by any means is called the Legal lien on property to satisfied the obligation against that mortgage"

A loan can be clear or secured depend on its features and size. Mortgage loans are also part of Loans but that is secured by legal right called mortgage.

In almost all the counties, mortgage definition is same. The procedure for registration may differ from law to law in different countries. For brief detail about mortgage loan, visit my blog Professional Mortgage Loan.

Good luck!

I have to agree with intuitivemind. Sounds like you don't really understand even what a mortgage is.

Loan is the broader term... Mortgage is a type of loan used to finance a property like a home or commercial business property.

Dear read my post again. My prospect and stance is same. But i don't know why you are bothering about it?
There are two main types of loan;
1- Secured Loans (Mortgage loan, pledge or hypothetical)
2- Unsecured Loans (Clear loan or revolving credit)

By purpose, there are following types of loan;
1- Consumer (consumption purpose)
2- Small and Medium Enterprises (Business loan for SME)
3- Corporate or Commercial Loans (Group or project finance).

Regards,

Intuitive Mind

Hi,
A bank or any other loan simply gives you the right to use the bank's money in return for your promise to repay it with interest over a defined period.

A mortgage is a loan of the purchase price of a property in return for a promise to repay it and interest usually over a fixed period.


Hope it will help you.


Good day.

Mortgage loans are of two category ie commercial mortgage loan and home loan. You are talking about Home Loan whereas, i am looking in boarder sense.

All right,
Thanks to all of you for giving me such information about the mortgage.

Thanks.