This section explains when a lender (mortgagee) can sell a property if the borrower (mortgagor) doesn't pay back the loan. It applies in specific situations, like if the mortgage agreement allows it, or if the borrower defaults on the loan after being given notice. It outlines the conditions under which the lender can sell the property without going to court.
A takes a loan from B and mortgages his house. The mortgage deed allows B to sell the house if A defaults. A fails to pay, and B gives A a notice. If A still doesn't pay within the notice period, B can sell the house.
- •You have the right to receive a proper notice before the property is sold.
- •You can challenge the sale if the lender didn't follow the rules.
- •You have the right to redeem the mortgage by paying the dues before the sale.
📒 Legal text sourced from The Gazette of India & AdvocateKhoj Bare Acts Library
⚖️ Content reviewed by Adv. Shailendra Babbar, Seasoned Advocate, with 31 years of legal practice
📚 Act Reference: Transfer of Property Act
Disclaimer: This content is for informational purposes only and does not constitute legal advice. Consult a qualified advocate for specific legal matters.