Property - mortgage - procedure

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Lowrence (Querist)
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19 February 2020 Hi All,
Can I keep property papers of the house we are living in now in the Bank, like mortgage , which is on my dad's name. Of course, he has agreed to this. And can we get loan sanctioned on the property so that we can demolish the house and construct a new one properly, with 3 floors.
Could you please let me know how is the loan amount sanctioned and other details like tenure of loan repayment, etc.

Thanks in advance.

Amol S Joglekar

Amol S Joglekar (Expert)
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19 February 2020 in the case of equitable mortgage, the property papers are lodged with bank. Now a days, banks do NOT entertain such a mortgage. You can go for registered mortgage.

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