Transfer of Property Act Section 62 — Right of usufructuary mortgagor to recover possession
CHAPTER IV OF MORTGAGES OF IMMOVEABLE PROPERTY AND CHARGES — Rights and Liabilities of Mortgagor
General
Summary
In a usufructuary mortgage, the borrower has the right to get the property back. If the mortgagee is allowed to recover the loan amount from the property’s rents and profits, the borrower can reclaim possession once that amount is fully paid. If the mortgagee is only allowed to recover part of the loan from those rents and profits, the borrower can reclaim the property after any agreed repayment term ends, provided they pay or offer the remaining loan amount, or deposit it in court as the law requires. When possession is returned, the borrower also gets back the mortgage deed and any related documents held by the mortgagee.
Official Text
In the case of a usufructuary mortgage, the mortgagor has a right to recover possession of the property 4[together with the mortgage-deed and all documents relating to the mortgaged property which are in the possession or power of the mortgagee],—
(a) where the mortgagee is authorised to pay himself the mortgage-money from the rents and profits of the property.—when such money is paid:
(b) where the mortgagee is authorised to pay himself from such rents and profits 5[or any part thereof a part only of the mortgage-money],—when the term (if any), prescribed for the payment of the mortgage-money has expired and the mortgagor pays or tenders to the mortgagee 6[the mortgage-money or the balance thereof] or deposits it in Court as hereinafter provided.