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When customer offers immovable property like land and building as security for a loan, a charge thereon is created by means of ________.

  • When a customer offers immovable property like land and building as security for a loan, a charge thereon is created by means of a Mortgage.
  • When a customer offers immovable property like land and building as security for a loan, the bank creates a charge on the property by means of a mortgage.
  • A mortgage is a legal agreement between the borrower and the lender that gives the lender a security interest in the property.
  • The mortgage document typically specifies the terms of the loan, including the amount of the loan, the interest rate, the repayment schedule, and the terms of the security interest.
  • Mortgages are commonly used in real estate financing to provide security for loans used to purchase or refinance the property.
  • They may also be used to provide security for other types of loans, such as business loans or personal loans.