Mortgage vs. Charge
Main DifferenceThe main difference between Mortgage and Charge is that the Mortgage is on the immovable property while a Charge is on movable property.
Difference Between Mortgage and Charge
Mortgage vs. Charge
The term mortgage refers to a form of charge, in which the ownership interest in a particular immovable property transferred. On the other side, Charge is used to mean the creation of right over the assets in favor of the lender, for securing the repayment of the loan.
Mortgage vs. Charge
A mortgage needs compulsory registration under the Transfer of Property Act, 1882. Conversely, when the charge made as a result of the act of the parties concerned, registration is must, but when the charge made by operation of law, no such registration is needed at all.
Mortgage vs. Charge
The mortgage is made out of the act of the parties concerned, while the charge is made either by the operation of law or by the act of the charger holder and charge creator.
Mortgage vs. Charge
A mortgage carries personal liability, except when an express contract specifically excludes it. As against this, no personal liability created. Nevertheless, when the charge comes into executing due to a contract, then personal liability may be created.
Mortgage vs. Charge
The mortgage is for a specified term. Unlike charge, which continues forever.
Mortgagenoun
(legal) A special form of secured loan where the purpose of the loan must be specified to the lender, to purchase assets that must be fixed (not movable) property, such as a house or piece of farm land. The assets are registered as the legal property of the borrower but the lender can seize them and dispose of them if they are not satisfied with the manner in which the repayment of the loan is conducted by the borrower. Once the loan is fully repaid, the lender loses this right of seizure and the assets are then deemed to be unencumbered.
We're renting a property in the city centre because we can't afford to get a mortgage yet.Chargenoun
The scope of someone's responsibility.
The child was in the nanny's charge.Mortgagenoun
(obsolete) State of being pledged.
lands given in mortgageChargenoun
Someone or something entrusted to one's care, such as a child to a babysitter or a student to a teacher.
The child was a charge of the nanny.Mortgageverb
To borrow against a property, to obtain a loan for another purpose by giving away the right of seizure to the lender over a fixed property such as a house or piece of land; to pledge a property in order to get a loan.
to mortgage a property, an estate, a shopWe mortgaged our house in order to start a company.Chargenoun
A load or burden; cargo.
The ship had a charge of colonists and their belongings.Mortgageverb
To pledge and make liable; to make subject to obligation; to achieve an immediate result by paying for it in the long term.
Chargenoun
The amount of money levied for a service.
There will be a charge of five dollars.Mortgagenoun
a conditional conveyance of property as security for the repayment of a loan
Chargenoun
An instruction.
I gave him the charge to get the deal closed by the end of the month.Mortgageverb
put up as security or collateral
Chargenoun
(military) A ground attack against a prepared enemy.
Pickett did not die leading his famous charge.Chargenoun
An accusation.
That's a slanderous charge of abuse of trust.Chargenoun
(basketball) An offensive foul in which the player with the ball moves into a stationary defender.
Chargenoun
A measured amount of powder and/or shot in a firearm cartridge.
Chargenoun
(heraldry) An image displayed on an escutcheon.
Chargenoun
A forceful forward movement.
Chargenoun
(weaponry) A position (of a weapon) fitted for attack.
to bring a weapon to the chargeChargenoun
(farriery) A sort of plaster or ointment.
Chargenoun
(obsolete) Weight; import; value.
Chargenoun
A measure of thirty-six pigs of lead, each pig weighing about seventy pounds; a charre.
Chargenoun
(ecclesiastical) An address given at a church service concluding a visitation.
Chargeverb
To assign a duty or responsibility to.
Chargeverb
(transitive) To assign (a debit) to an account.
Let's charge this to marketing.Chargeverb
(transitive) To pay on account, as by using a credit card.
Can I charge my purchase to my credit card?Can I charge this purchase?Chargeverb
(ambitransitive) To require payment (of) (a price or fee, for goods, services, etc.).
to charge high for goodsI won't charge you for the wheatChargeverb
(possibly archaic) To sell at a given price.
to charge coal at $5 per unitChargeverb
(law) To formally accuse (a person) of a crime.
I'm charging you with assault and battery.Chargeverb
To impute or ascribe.
Chargeverb
To call to account; to challenge.
Chargeverb
(transitive) To place a burden or load on or in.
Chargeverb
To ornament with or cause to bear.
to charge an architectural member with a mouldingChargeverb
(heraldry) To assume as a bearing.
He charges three roses.Chargeverb
(heraldry) To add to or represent on.
He charges his shield with three roses or.Chargeverb
(transitive) To load equipment with material required for its use, as a firearm with powder, a fire hose with water, a chemical reactor with raw materials.
Charge your weapons; we're moving up.Chargeverb
(transitive) To cause to take on an electric charge.
Rubbing amber with wool will charge it quickly.Chargeverb
(transitive) To add energy to (a battery, or a device containing a battery).
He charged the battery overnight.Don't forget to charge the drill.I charge my phone every night.Chargeverb
(intransitive) (Of a battery or a device containing a battery) To gain energy.
The battery is still charging: I can't use it yet.His cell phone charges very quickly, whereas mine takes forever.Chargeverb
(intransitive) To move forward quickly and forcefully, particularly in combat and/or on horseback.
Chargeverb
To attack by moving forward quickly in a group.
The impetuous corps charged the enemy lines.Chargeverb
(basketball) To commit a charging foul.
Chargeverb
To take a few steps down the pitch towards the bowler as he delivers the ball, either to disrupt the length of the delivery, or to get into a better position to hit the ball.
Chargeverb
To lie on the belly and be still A command given by a hunter to a dog.
Chargenoun
(criminal law) a pleading describing some wrong or offense;
he was arrested on a charge of larcenyChargenoun
the price charged for some article or service;
the admission chargeChargenoun
an assertion that someone is guilty of a fault or offence;
the newspaper published charges that Jones was guilty of drunken drivingChargenoun
request for payment of a debt;
they submitted their charges at the end of each monthChargenoun
a impetuous rush toward someone or something;
the wrestler's charge carried him past his adversarythe battle began with a cavalry chargeChargenoun
the quantity of unbalanced electricity in a body (either positive or negative) and construed as an excess or deficiency of electrons;
the battery needed a fresh chargeChargenoun
financial liabilities (such as a tax);
the charges against the estateChargenoun
a person committed to your care;
the teacher led her charges across the streetChargenoun
attention and management implying responsibility for safety;
he is in the care of a bodyguardChargenoun
a special assignment that is given to a person or group;
a confidential mission to Londonhis charge was deliver a messageChargenoun
a formal statement of a command or injunction to do something;
the judge's charge to the juryChargenoun
a quantity of explosive to be set off at one time;
this cartridge has a powder charge of 50 grainsChargenoun
the swift release of a store of affective force;
they got a great bang out of itwhat a boot!he got a quick rush from injecting heroinhe does it for kicksChargenoun
(psychoanalysis) the libidinal energy invested in some idea or person or object;
Freud thought of cathexis as a psychic analog of an electrical chargeChargenoun
heraldry consisting of a design or image depicted on a shield
Chargeverb
to make a rush at or sudden attack upon, as in battle;
he saw Jess charging at him with a pitchforkChargeverb
blame for, make a claim of wrongdoing or misbehavior against;
he charged me director with indifferenceChargeverb
demand payment;
Will I get charged for this service?We were billed for 4 nights in the hotel, although we stayed only 3 nightsChargeverb
move quickly and violently;
The car tore down the streetHe came charging into my officeChargeverb
assign a duty, responsibility or obligation to;
He was appointed deputy managerShe was charged with supervising the creation of a concordanceChargeverb
file a formal charge against;
The suspect was charged with murdering his wifeChargeverb
make an accusatory claim;
The defense attorney charged that the jurors were biasedChargeverb
fill or load to capacity;
charge the wagon with hayChargeverb
enter a certain amount as a charge;
he charged me $15Chargeverb
cause to be admitted; of persons to an institution;
After the second episode, she had to be committedhe was committed to prisonChargeverb
give over to another for care or safekeeping;
consign your baggageChargeverb
pay with a credit card; pay with plastic money; postpone payment by recording a purchase as a debt;
Will you pay cash or charge the purchase?Chargeverb
lie down on command, of hunting dogs
Chargeverb
cause to be agitated, excited, or roused;
The speaker charged up the crowd with his inflammatory remarksChargeverb
place a heraldic bearing on;
charge all weapons, shields, and bannersChargeverb
provide with munition;
He loaded his gun carefullyChargeverb
direct into a position for use;
point a gunHe charged his weapon at meChargeverb
impose a task upon, assign a responsibility to;
He charged her with cleaning up all the files over the weekendChargeverb
instruct (a jury) about the law, its application, and the weighing of evidence
Chargeverb
instruct or command with authority;
The teacher charged the children to memorize the poemChargeverb
attribute responsibility to;
We blamed the accident on herThe tragedy was charged to her inexperienceChargeverb
set or ask for a certain price;
How much do you charge for lunch?This fellow charges $100 for a massageChargeverb
cause formation of a net electrical charge in or on;
charge a conductorChargeverb
energize a battery by passing a current through it in the direction opposite to discharge;
I need to charge my car batteryChargeverb
saturate;
The room was charged with tension and anxietyComparison Chart
| Mortgage | Charge |
| A mortgage involves the transfer of ownership interest in a particular immovable asset. | The charge relates to the security for securing the debt, by way of pledge, collateral, and mortgage. |
| Term | |
| Fixed | Infinite |
| Creation | |
| A mortgage is the result of the act of parties. | A charge is created either by the operation of law or by the act of the parties concerned. |
| Personal Liability | |
| Generally, mortgage carries personal liability, except when excluded by an express contract. | No personal liability created; however, when it comes into effect due to a contract, then personal liability may be created. |
| Registration | |
| Need to be registered under the Transfer of Property Act, 1882. | When the charge is an outcome of the act of parties, registration is mandatory otherwise not. |
Mortgage vs. Charge
A mortgage created by acts of the parties whereas a charge may be created through the act of parties or by operation of Law. A mortgage requires registration under the transfer of property Act, 1882, and a charge created by operation of law does not need registration, but a charge created by an act of parties needs registration. A mortgage is for a fixed term, whereas a charge may be in perpetuity. A mortgage is a transmit of an interest in a specific immovable property, whereas a charge only gives a right to receive payment out of a particular property. A simple mortgage holds personal liability unless excluded by express contract. In the case of a charge, no personal liability created. But where a charge is the result of a contract, there may be a personal remedy.
What is Mortgage?
A mortgage is a debt facility or instrument, secured by the guarantee of specified real estate property, that the borrower is forced to pay back with a predetermined set of payments. Mortgages are utilized by people and businesses to make large real estate purchases without paying the entire purchase price up front. Mortgages are also called “liens against property” or else “claims on property.” If the recipient or borrower stops paying the mortgage, the lender can foreclose. In a residential mortgage, a home buyer pledges his or her house to the bank. The bank has a require or claim on the house should the home buyer default on paying the mortgage. In the term of a foreclosure, the bank may evict the home’s tenants and sell the house, using the income from the sale to clear the mortgage debt. Mortgages come in many forms. With a fixed-rate mortgage, the borrower pays the same interest rate for the life of the loan. The monthly principal and interest payment do not change from the first mortgage payment to the last. Most fixed-rate mortgages have a 15- or 30-year term. A fixed-rate mortgage is also known as a “traditional” mortgage.
What is Charge?
Charge obstructs the title of a property when there is a charge on the worth or asset; the asset cannot be sold or transferred. The charge is sustained on the asset by the lender to the borrower’s movable asset. In charge, the moneylender doesn’t get right to sell the property. There are two kinds of charges; fixed charges and floating charges. A fixed charge relates to a loan or mortgage of some kind that uses a fixed asset as collateral to secure loan repayment. Fixed assets that used as collateral in a fixed charge include land, machinery, buildings, shares, and intellectual property (patents, trademarks, copyrights, etc.). If the borrower defaults on his loan, the bank can sell the fixed asset and recover their losses. The borrower/debtor cannot dispose of the asset, and the borrower must hold the asset until the total loan repayment made. A floating charge relates to a loan or mortgage on an asset that has a value that changes periodically to secure loan repayment. In such a case, assets that do not have a constant value, or not fixed assets such as stock inventory used. In a floating charge, the lender has the freedom to dispose of the asset (for example, sell stock) in the course of normal business activities. If the lender defaults on their loan, the floating charge freezes and becomes a fixed charge, and the inventory left over from the time of default cannot be disposed and used as a fixed charge to recover the outstanding debt.
ConclusionAs a whole, the nature of charge gives security to the lender that the amount borrowed to the lender repaid. On the other hand, in the mortgage, the borrower is bound to pay the mortgage money or else the amount will realize by selling the asset, so mortgaged, but only by order of the Court, in a suit.
