Mortgagor can exercise his right to redeem
A mortgagor”s right to redeem the mortgage is a statutory right. Sec. 60 of the Transfer of Property Act embodies this right; a right which the mortgagor will be entitled to enforce through the Court of Law and not a liability which the mortgagor can be compelled to discharge, as observed by the Court in the matter of Mt. Mira Keur vs. Palku Singh (AIR 1918 Pat. 322). This right becomes exercisable immediately upon the principal money becoming due. At any time after the principal money has become due, the mortgagor may pay or tender the mortgage money whereupon he gets three rights, namely, to require the mortgagee
- to deliver to the mortgagor the mortgage deed and all documents relating to the mortgaged property which are in the possession or power of the mortgagee,
- where the mortgagee is in possession of the mortgaged property, to deliver possession thereof to the mortgagor and,
- at the cost of the mortgagor either to re-transfer the mortgaged property to the mortgagor or to such third person as the mortgagor 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 the mortgagor”s interest in the property has been extinguished.