'My Beloved' would be more appropriate translation of 'meri mehbooba' compared to 'my love'...for in Urdu, the focus is more on the beloved. Beloved in Urdu, moreover, is not only physical and sensuous but also spiritual.Translating it as 'my love' would take away most of its meaning for 'love' only connotes physical pleasure, whereas 'beloved' could lend itself to more meanings.