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What do you mean by charge? Explain the various types of charges and explain the difference between mortgages and the charge?
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What do you mean by charge? Explain the various types of charges and e...
In physics, charge, also known as electric charge, electrical charge, or electrostatic charge and symbolized q, is a characteristic of a unit of matter that expresses the extent to which it has more or fewer electrons than protons.If there are more electrons than protons, the atom has a negative charge.
A ‘Mortgage’ is a loan in which the property is used as a collateral or a security. A legal right might also be created on the mortgaged property, with an intention to recover the loan in full (i.e. principal plus instalments). ‘Loan Against Property’ and ‘Loan Against Property Overdraft’ are two common types of mortgage.
A “charge” is an interest that the lender/creditor obtains in the property by way of security that the borrower will pay back the debt. The loan amount extended is higher than the market value of the property mortgaged.
Mortgage is created by way of charge on the immovable property.
There are different types of mortgage – equitable and registered, and the ways of creating these differ.
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What do you mean by charge? Explain the various types of charges and explain the difference between mortgages and the charge?
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