A) There is a choice of 2 properties I can mortage- 1) Commercial property with a tenant for the next 30 months 2) My house property- Which one would you think is ideal
If at all you want to mortgage, you can go for your commercial property
B)The loan amount is only to the amount of 2.5 Cr. However the properties are worth 35 Cr and 50 Cr respectively- Is it ok to place as mortgage such properties for a small amount?
It is not advisable for mortgaging the property for such big value when the loan amount shall be hardly anything compared to its own value.
C) In case I'm unable to service the debt, what is the entire procedure for debt recollection/auction by banks and how long can this process go on for?
If it is a mortgage case, they may even invoke sarfesi act, so better do not give room for the loan to become NPA due to which your high end value of property shall hardly remain with you if sarfese act is invoked.for collection of default payments.