Is it necessary to have an OC or deemed conveyance is enough!

Hi Sir/Madam, good evening, Currently i am planning to buy a flat in Mira Bhayandar which falls under thane district. I just had a simple question regarding the conveyance deed vs OC. We liked a flat and are planning to buy the same but the OC for the building is not received instead the society has got the deemed conveyance and also has 7/12 uttara so is it safe and legal to buy such property. Just want to be sure that we will not face any issue the if we bought the property. Also whether will be able to get home loan or not... Pls advise, will wait for you revert... Thank you!

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