So I should make this agreement on a stamp paper or can it be executed on a simple sheet with a 1 rupee tax stamp. I took out a bank loan from a PSU bank and the same was sold as an NPA to an asset reconstruction company. Now they claim to either make a one-time billing of 1.3 l or pay it in EMI. But they are not willing to provide proof of payment. When asked for proof, they say the Chellan, which can be considered proof of payment and processes the NOC certificate after 15 days from the date of final payment. But I have heard many cases where the NOC has not been specified and Cibel`s score has been changed. If I had to have legal documents, I can get a PR or an agreement signed by them with all the conditions. Please explain how to proceed Dear Shri Sreekanth, I have lent my friend a sum of Rs. 3 Lakes, without interest, in the hope that he will repay it. A year has already passed. The last time I contacted him, he told me he wasn`t able to pay it back now.
But I still hope he will return the money if it`s possible for him. Now he is out of contact. Dear Kartika. It depends on the conditions set out in the agreement. Has this clause been included in the agreement that you must repay the advance payments if the buyer is unable to purchase the property? Hello thank you for this beautiful article. I have a question My boyfriend and brother-in-law desperately need money and my friends` brother-in-law has his own house, but unfortunately no bank is willing to give them a mortgage because they haven`t filed a pay slip or tax return. I want to help him by giving a loan of 15 lakhs by taking a personal loan from my account as I have complete documents. However, I don`t want to take any risks in the future, so my questions are: 1. Can I give them a loan with their asset documents as collateral? 2. What are all the agreements I should make with them? 3. Please let me know the documents you want me to collect or sign. Excellent article.
My husband and I are lending $60,000 in interest for free to his son`s family, who have a partner and a small baby. You want to buy a bigger house. With our help, they will borrow less from the bank and pay a deposit of 20% instead of 10%. This is their repayment plan: the first two months – nothing back. Starting at month 3, they plan to pay back $500 each month and pay a small fee of $42,000 in the last month. They drafted a loan agreement that listed their names, our names, and the repayment method mentioned above. There are no conditions for borrower defaults. Is it valid? Do you have a suggestion on how to ensure reimbursement? I want to show solidarity, but I don`t want money to ruin our relationship in the future.
Thank you very much. A loan agreement contains the following information: Let`s learn more about it – What are the things to consider before lending money to a family member or friend? Why is a promissory note important? What is the difference between the promissory note and the loan agreement? I need information from you. We borrowed an amount from our family friends four years ago. The total amount was 6 lakhs and at the time of borrowing we gave them more than 2 promissory notes. For example, we recently learned that they had missed one of our promissory notes. This month we will pay them the full amount and I want to take an amount they received from them. Please let me know the format of No Duees from them and also let me know if I need to take other papers from them for future purposes. Dear Sir, My mother had given cash loans to a well-known person. The loans were granted in good faith and with the assurance that they will be returned on request and also with interest. However, the insurances turned out to be a big lie and the person began to avoid all our calls.
We received blank cheques signed by her and also made her sign promissory notes. We also have a photocopy of their ownership document. Those are the only documents we have. Now, even after repeated requests, this person dodges payments and there is no sign that the money will be returned. This causes great psychological distress for us in our family and forced us to have a strained relationship with my mother, who is 65 years old and has affected her mental and physical health. I am afraid of losing my mother because of this tension. I also learned that he threatened to declare himself POOR if we went to court. This statement on his part dampened our hopes of getting his money back. Please help and advise. Acceleration – A clause in a loan agreement that protects the lender by requiring the borrower to repay the loan (both the principal amount and accrued interest) immediately if certain conditions occur.
My uncle is a farmer and owns a new house (ground floor and first floor) and agricultural land (1.67 hectares) worth 33 lakes. With my money, he paid a bank loan, a loan he took out from others for higher interest rates. He refuses to pay me interest and plans to pay the principal in installments, provided he makes a profit in agriculture. I lent my friend 3 lakhs a year ago, I did not sign an agreement, he is ready to sign an agreement now, it is advisable to have an attachment in the agreement that contains the details of the loan amount indicated in the past (1 year ago). The loan amount was made by swiping the credit card in different months for small amounts up to 10K After the approval of the agreement, the lender must pay the funds to the borrower. The borrower will be held in accordance with the signed agreement with any penalties or judgments to be decided against him if the funds are not repaid in full. I borrowed money from my father. If we accept and abide by a word-of-mouth agreement for this loan, is a PR required? In other words, is borrowing money by word of mouth legal as long as we don`t have a dispute about that loan? A friend of mine wants to invest in my next startup in India, but he and he live abroad right now, he wants to invest the money for equity in contract paper before I register the company. .