Extinguishment Of Right Of Redemption

Redemption is the act of buying back the property after tendering the amount due to the creditor. In a transaction of mortgage, the mortgagor has the right to redeem his property after paying off the debt amount. The right of redemption is statutory and inalienable, meaning thereby, that it cannot be taken away by the provisions of the contract. Section 60 of the Transfer of Property Act, 1882 (hereinafter, 'TPA') confers the right of redemption on the mortgagee. It lays down that after the principal money becomes due, the mortgagor can tender the money and require the mortgagee to deliver the possession of the property or the deed/documents to him. The proviso to section 60 puts a restriction on the exercise of this right. It can only be exercised till the time it is not extinguished by the act of the parties or by decree of a court.