What is Mortgage?

Mortgage is a loan which is borrowed against some of your property, it may be your house jewels etc. Mortgage may be taken in order to buy  house, land, farm etc. It's your own risk to repay the amount on the fixed date and get your part back. Mortgage are of different types. They have certain advantages but also have disadvantages. So, it's up to you to select the type of mortgage according to your need which suits best to you, your needs and does not harm you at the end. 

The system of mortgages is very old. People in older time used to keep their houses, farms and jeweleries to get some loan from the Accountant (Munshi). This is being followed from those days itself . Now a days the Financial banks use to mortgage loans against house and farms etc. They get a bond signed by the mortgager that he will repay the amount borrowed within the limited period of time, and if so then he will get back the property he mortgaged against.