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A Mortgage is a financial product which helps individual(s)/companies to purchase an asset (home, office, shop, warehouse, labor camp etc.) through the help of financial institution, by paying just a down payment at the day of transaction and rest of the payment is done by the bank/financial institution. The repayment hence is divided into each month installments EMI (on agreed terms between the financial institute and the customer).
The bank or financial institution is the owner of the property till the outstanding loan is due, but customer has the full right to use it by himself or utilize it for availing income.
The customer has full rights to sell the property at any time (unless any terms and conditions are set for not doing so between the 2 parties at the time of availing loan). The bank usually charges the interest only for the time till the funds of the banks are utilized, the new buyer can pay what ever is outstanding to the bank and rest can be paid to the customer.
As per central bank regulations, it is not allowed to avail personal loan (cash loan) to utilize as down payment or any part of it, however we can arrange personal loans for the clients 5-10% extra of the finance value to cover the other costs like transfer fees, buying new furniture for the house etc. if clients eligibility allow this.