You can get the money deposited in escrow account and make agreement to sale on the said ground on condition to give possession only after complete payment. you can take initial non refundable token before registration if required. Also execute triparty agreement with bank and buyer along with indemnity clause

Ask buyer to obtain sanction from bank for loan 

if he meets eligibility requirements loan would be sanctioned 

Then enter into agreement for sale with buyer 

obtain in writing from bank that sale consideration would be paid to you on registration of sale deed 

period within which payment is to be made should be specified 

Thus buyer is a cheat. Don't deal with him at all. Cancel all talks with him and get a new buyer. 

That is not the procedure of obtaining, borrower applies for loan, bank sanctions the loan and issues cheque directly in the name of seller and then the seller executes registered of property in name of buyer and buyer mortgages the property to bank. There is no way once you register sale deed you can protect the property. It sounds fraud.

The seller can enter into a registered agreement of sale for the property to be sold.

The bank will accept the agreement of sale and may disburse the loan amount towards consideration of sale directly to the seller on the basis of the agreement to sell executed by a registered deed.

This will protect the seller's interests in the property now proposed to sell.

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seller and buyer can directly register a sale deed 

in the sale deed it will be stated that within ______ days of registration of sale deed, the buyer will pay the agreed consideration to the seller

simultaneously with registration of sale deed, the seller also has to take an IRREVOCABLE Power of attorney from the buyer for the purpose of registering a cancellation deed 

if the buyer fails to pay the agreed consideration to the seller within the stated period, then the seller will execute and register a cancellation deed using the above POA taken from the buyer

in the POA there will also be clause/power to collect the original registered sale deed from the buyer's banker only if there is a default by the buyer or his bank in releasing the sale consideration to the seller within the agreed period stated in the sale deed. Upon return of the original sale deed by the bank to the poa holder of the buyer, the mortgage created by the buyer with the bank will come to an end

do take some advance from the buyer. if the buyer commits any breach then any processing fees charged by the bank for the mortgage and its cancellation upon default of buyer to pay the consideration, the advance can be adjusted and balance refunded to the buyer without any interest after deducting an amount of 10% of the total consideration therefrom to compensate the seller for lost opportunities

Dear Sir,

1. The bank will accept the agreement of sale to provide the loan registry is not required. You can ask buyer to ask some sort of sanction from bank in writing for loan.

2.It will help you to know whether he is eligible for loan or not.

3. You can make a sale deed with a buyer in which you can specify the time period for the payment of the money.

4. If the buyer enable to do as said in sale deed you can sue him for performance of the contract and can also cancel the deed if you have taken any irrevocable power of Attorney from the buyer.

Thank you

- As per banking rule , the purchaser will have to enter into a sale agreement with you before the registration of the sale deed .

- Further, on that sale agreement , bank will sanction the loan in the name of buyer , and at the time of registration of sale deed the consideration amount will be given to you by way of DD etc. 

- No need to keep the property on security etc, as mentioned by the buyer .

- Dont trust his versions , and do as mentioned above. 

This deal appears shady. You should not execute any sale deed in favour of any person until and unless you receive the entire amount which is agreed as the sale proceeds from the sale of the property.

You can execute a agreement to sell after taking earnest money from the buyer and can execute sale deed only when the loan is approved and the buyer has the money in his account.

Free to contact me if you need any legal assistance in this matter.