Property - mortgage - procedure

This query is : Resolved

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. 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.

Lowrence

Lowrence (Querist)
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20 February 2020 Registered mortgage sir.
What is this could you explain this please

Amol S Joglekar

Amol S Joglekar (Expert)
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20 February 2020 mortgage deed is executed between the property owner and bank financier on the requisite stamp paper and duly registered in the office of sub registrar. The P.R.Card Or 7/12 extract, as the case may be, bears this entry that the property is mortgaged with so and so bank.

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