Rights to Redemption vs Equity of Redemption
The basic meaning of word Redemption is to redeem or to get back. In the context of Mortgage under the property law in India, this right is a significant right of every mortgagor howsoever the nature of mortgage is. Once the payment of money is made by the debtor on or before the due date, he is eligible for redemption right. Redemption is not only limited to mortgaged property but also the title deeds and important documents related to the property. Whereas, when we talk about equity of redemption which is the base or the source of redemption right, originated in England. Under equity of redemption, the debtor or the mortgagor will be given an extended time period or a reasonable extra time period is given even after due date. The reason for this extension is that whenever a mortgage is executed the intension of the mortgagor is always to let it remain a mortgage and not to be converted into a sale. Therefore, for the protection of his rights this extension may be given to him b...