Light House Installment Solutions with Mortagage


Light House Installment Solutions with Mortagage

What is a mortgage? Let's learn the terms, terms and methods below.

Mortgage is a long-term credit instrument in the property sector that can help you realize your dream home quickly and easily. A real example of mortgage practice in everyday life is a bank mortgage service.

Even though it has many advantages, before using it, you need to measure economic capabilities first so that mortgages don't boomerang. So, in this article, OCBC will discuss what a mortgage is, its characteristics, and all the procedures.

Definition of Mortgage

Mortgage is a loan in the form of long-term credit with mortgage rights, where the borrower will provide collateral in the form of immovable objects to the lender, for example a building. However, the borrower or debtor still has the right to occupy the collateralized asset.

Later, the borrower will repay the debt and interest during the repayment period. After it is paid off, the mortgage has been completed and the mortgage rights given to the creditor fall. In everyday practice, the popular name for a mortgage is a mortgage.

Source: | Mortgage Ilustration

Characteristics and Characteristics of Mortgage

Mortgage is one of the credit schemes for property procurement that has been regulated in the Civil Code. According to this legal basis, the characteristics of a mortgage are as follows.

·         It is droit de suite or zaaksgevolg in nature, meaning that the mortgage right is always attached to the object even though it has been transferred. So, even though the debtor sells the collateral object, its status as collateral is not lost.

·         It is droit de preference, meaning that debt payments for creditors holding mortgage guarantees will take precedence over other creditors.

·         Ondeelbaaror cannot be shared. Thus, the mortgage guarantee can only be returned to the owner after all debts have been paid in full.

·         Mortgage is a system that is Verhaalsrecht, meaning that the creditor only has the right to repay the debt so that he is not entitled to own the object of collateral.

·         Accessoir nature, namely as an additional agreement attached to the debt agreement. When the debt is repaid, the mortgage guarantee will return to the owner.

·         Mortgage is an absolute right, meaning that the collateral object will still be held by the creditor even if there is a claim on it.

·         Must meet the principle of publicity, thus, need a PPAT as a third party, which will deed the agreement to the land office.

Mortgage Payable Provisions

Mortgage payable is a term for mortgage debt, namely the amount of money borrowed by the debtor. In practice, the terms of the mortgage payable are as follows.

·   There are two parties who act as creditors (lenders and recipients of payments) and debtors (loan recipients).

·         Mortgage payable is a long-term credit, so the tenor is between 10 - 30 years.

·         The collateral for the mortgage payable can be confiscated if the debtor is unable to pay up to the specified time.


Advantages and Disadvantages of Mortgage

As previously explained, a mortgage is a credit system that makes it easier for us to buy property, but on the one hand, a mortgage can also be a boomerang for you. The following are the advantages and disadvantages of mortgages.

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