Meaning of PATTOYOLA / PATTOLA / PATTAYOLAKARANAM

PATTOYOLA / PATTOLA / PATTAYOLAKARANAM

Language - Tamil

Tamil Word - பட்டொயொலா / பட்டொல / பட்டயொலகரனம்

A lease or a deed of lease that transfers the ownership or use of land as collateral for a mortgage. Example: In Tamil Nadu, a farmer might use their land as collateral to secure a loan, and the 'pattoyola' would serve as the legal document transferring the land's ownership to the lender until the loan is repaid. This term emphasizes the use of land as collateral in financial transactions in Tamil Nadu. The 'pattoyola' acts as a safeguard for the lender, ensuring the repayment of the loan by providing them with temporary ownership of the land.