From Longman Business Dictionaryequity of redemptionˌequity of reˈdemption noun [uncountable]LAWFINANCE the right of someone who has borrowed money to buy property to keep their property even if they do not make repayments on the loan for a period of time, but then continue with repayments or repay the loan and pay any costs to the lenderThe debtor has an equity of redemption, which he is only to lose after the court has given him ample opportunity to repay, and it becomes plain that he can not or will not pay.
