Dear Mr Reddy, I would like to ask for a personal credit case in which I gave 10lakh rupees as a loan to a known person in interest, I took check from him for the same amount signed a fixed paper with indication of the interest rate and the duration of one year for the contract . No clause is mentioned as what will happen after the end of the contart period, nor on penalties or non-repayment clauses of principal and interest . the person had paid regular interest to me in the 1st year and even in the 2nd year with the return of 5 pricipal pricipal. but now for the past two years, he has no interest and the principal in indicating his financial situation is poorly paid. the check he gave is obsolete and because no refund condition fails and penaties is mentioned on the stamp paper.. I can ask him to be interested, and if he denies it, there is nothing I can do about it legally. Dear Nagesh, the real estate law is approved by the Union cabinet, but has not yet been adopted by Parliament. Read: Highlights of the real estate bill. Please note that a sale agreement is only a document to obtain another document, i.e.
the deed of sale, and does not transfer ownership of the property. No one will own a property simply by executing an agreement to sell in its favour. However, both parties must comply with the terms of the sale agreement. I used a bank loan from a PSU bank, and the same thing was sold as NPA to an asset reconstruction company. Now they claim to either make a single bill of 1.3 l or pay them in EMI. But they are not prepared to provide proof of payment. When asked about evidence, they say the Chellan that can be considered proof of payment and will process the NOC certificate after 15 days from the date of the final payment. But I`ve heard a lot of cases where I didn`t provide the NOC and I changed Cibel`s score. If I had to have legal documents, I could get a PN or an agreement from them with all the terms and conditions.
Please guide on how to go further Hello Sreekanth Reddy, very informative article. I borrow 12 lakhs from a friend at 10% P.A. interest on the monthly discount balance and plan to pay back per month within three years. What is the value of reqd stamp paper. R 60 is good. (1 r. per 20000). I`m in Karnataka. Ask Pls to tell me. Greetings to Manoj. A loan can be secured or unsecured, i.e.
the borrower can give the lender guarantees to repay the loan. If the borrower is unable to repay the loan amount, the lender can claim the guarantee and use it to get the money back. There are some additional documents to enforce and additional laws that apply if the loan is a guaranteed loan, which is briefly described here: Dear Sreekanth, thanks for the response and I also appreciate your response. Still want to know if I do, it is possible, without registratton as nbfc, etc. given by rbi and I can calculate interest on the amount of the loan. So what agreement will be beneficial to me: a. Change of sola, or b. Loan Agreement While loans can be made between family members – what is called a family credit contract – this form can also be used between two organizations or companies that have a business relationship. hello Sreekant, I would give a small loan to foreigners on interest, I can do so, if so, is your legal requirement is to be fulfilled to provide such a loan. What is the best option for me, whether in a) change of sola, or b) loan contract. Hello, nice blog.
Do you have a good idea about PN and the loan agreement. My question is that last year I lent 38Lacs to my friend, which I received from the bank in loan (home loan). I wrote PN in the Rs 3 document and I did the francization for Rs100. It`s not an interest, because it helped me when I was studying. Well, even though he`s a good friend of mine, I want to be in a safe place.