Transfer of Property Act Section 60 — Right of mortgagor to redeem
CHAPTER IV OF MORTGAGES OF IMMOVEABLE PROPERTY AND CHARGES — Rights and Liabilities of Mortgagor
General
Summary
Once the loan amount has become due, the person who mortgaged their property has the right to get their property back by paying or offering to pay the full amount owed at the proper time and place. In return, the mortgagee must hand over the mortgage deed and all related documents, give back possession of the property if they are holding it, and either transfer the property back to the mortgagor or to someone the mortgagor names, or register a written statement that the mortgagee’s rights over the property are cancelled. This right to get the property back is called the "right to redeem," and a legal case to enforce it is called a "suit for redemption." This right does not apply if it has already been ended by an agreement between the parties or by a court order, and the law does not stop a mortgage agreement from saying that the mortgagee must be given reasonable notice before payment is made.
Official Text
At any time after the principal money has become 9[due], the mortgagor has a right, on payment or tender, at a proper time and place, of the mortgage-money, to require the mortgagee
(a) to deliver 10[to the mortgagor the mortgage-deed and all documents relating to the mortgaged property which are in the possession or power of the mortgagee],
(b) where the mortgagee is in possession of the mortgaged property, to deliver possession thereof to the mortgagor, and
(c) at the cost of the mortgagor either to re-transfer the mortgaged property to him or to such third person as he may direct, or to execute and (where the mortgage has been effected by a registered instrument) to have registered an acknowledgement in writing that any right in derogation of his interest transferred to the mortgagee has been extinguished:
Provided that the right conferred by this section has not been extinguished by act of the parties or by 11[decree] of a Court. The right conferred by this section is called a right to redeem and a suit to enforce it is called a suit for redemption. Nothing in this section shall be deemed to render invalid any provision to the effect that, if the time fixed for payment of the principal money has been allowed to pass or no such time has been fixed, the mortgagee shall be entitled to reasonable notice before payment or tender of such money. 1. Added by Act 20 of 1929, s. 19. 2. Subs. by A.O. 1948, for “Bombay and Karachi”. The word “and” had been ins. by A.O. 1937. 3. The words “Rangoon, Moulmein, Bassein and Akyab” omitted by A.O. 1937. 4. The words “Governor General in Council” successively amended by A.O. 1937 and the A.O. 1950 to read as above. 5. Ins. by Act 20 of 1929, s. 20. 6. Subs. by Act 6 of 1904, s. 3, for “an instrument”. 7. Third paragraph omitted by Act 20 of 1929, s. 20. 8. Ins. by s. 21, ibid. 9. Subs. by s. 22, ibid., for “payable”. 10. Subs. by s. 22, ibid., for “the mortgage-deed, if any, to the mortgagor”. 11. Subs. by Act 20 of 1929, s. 22, for “order”. Redemption of portion of mortgaged property.—Nothing in this section shall entitle a person interested in a share only of the mortgaged property to redeem his own share only, on payment of a proportionate part of the amount remaining due on the mortgage, except 1[only] where a mortgagee, or, if there are more mortgagees than one, all such mortgagees, has or have acquired, in whole or in part, the share of a mortgager. 2