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.
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.
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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