An equitable mortgage is a type of mortgage where the mortgagee (lender) does not obtain a legal interest in the land. Instead, it is a simple contract between the mortgagor (borrower) and mortgagee, where the borrower borrows money from the lender and furnishes the documents of the property to them. The ownership documents remain with the lender until the loan is repaid. Equitable mortgages are also known as "mortgage by deposit of title deeds".

Equitable mortgages are not registered, and the two parties are bound only by the agreement. They are usually for a time frame of 15-20 years, and during this tenure, the property documents remain with the lender. Equitable mortgages are different from registered mortgages, which are registered with the sub-registrar and have legal provisions.

The doctrine of equitable mortgages was created to prevent unscrupulous lenders from disguising what was really a loan as a sale and option to avoid having to go through the foreclosure process in the event of default. Interestingly, whether or not a transaction is deemed to have created an equitable mortgage depends, in large measure, upon the subjective "intent" of the parties, regardless of whether such intent is consistent with the manner in which the transaction was documented.

In summary, an equitable mortgage is a type of mortgage where the lender does not obtain a legal interest in the land, and the ownership documents remain with the lender until the loan is repaid. Equitable mortgages are not registered and are bound only by the agreement between the two parties.