Law does permit long lease including perpetual lease.

However, your query shows that you probably want a mortgage and stay also. Consult your local lawyer regarding agreement for the same.

As such there is no bar for either a long or short term lease, only requirement is if the lease period extends beyond 11 month it needs to be registered on payment of appropriate Fee.

you may mortgage also.

If want to give on lease for long term then you have to register the deed after depositing appropriate fee. Tell me the location of your property and discription.

Regards

adv.kamal.grover@gmail.com