Hand Loan Agreement Format in India
I`ve been married for 25 years and it wasn`t a happy married life. We have two daughters, one 22 years old and the other 16 years old. I had a lot of problems. My clarification regarding financial matters is that my husband has 3 properties (2 independent and 1 apartment) in his name. I earned most of my married life and didn`t save a single rupee in my name. The 3 properties were purchased on loan from LIC and 2 loans were closed, with the exception of the home loan. I would like to know the following. 1. Do I have a share in his property? 2. Do I have a share if he plans to sell one of his plots for the education of our children? The training costs will only be partial compared to the total counterpart of the sales.
what percentage will be my share. 3. What does he do if he refuses to give my share? Thank you Is there a way to protect the interests of both parties? Is there a legal document that allows you to clearly define the terms of the loan? I paid a certain amount to one of the immigration companies to get a job abroad, but it takes too long and I just wanted to be safer by making a written agreement. So ask me to look at the same thing. 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. Mr. A son of M. . B, resident at (lender`s address) AND Is it possible to receive a sample letter about paying a manual loan to someone for residential purposes? A loan agreement is a legal agreement between a lender and a borrower that defines the terms of a loan. Using a loan agreement template, lenders and borrowers can agree on the loan amount, interest, and repayment schedule.
A loan agreement is a written agreement between two parties – a lender and a borrower – that can be enforced in court if one of the parties does not honor its end of contract. For personal loans, it may be even more important to use a loan agreement. To the IRS, money exchanged between family members may look like gifts or loans for tax purposes. 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 obtained by swiping the credit card in different months for small amounts up to 10K A friend in need is indeed a friend. We usually turn to our friends or close family members when we need financial help. We lend (or borrow money on the basis of mutual trust. As a rule, these types of loans (hand loans) are not guaranteed. In most cases, the terms of a loan are not defined. If repayment (repayment of the loan) is not made, the relationship between the two parties becomes strained.
I took out a loan from my wife (4Lakhs) in 2017 and we agreed that she would get my rental income from my old house for the next five years (I am the sole owner). There is no written credit agreement for this. A loan agreement (credit agreement) recognizes that there is a loan, a specific promise of payment and also stipulates that the lender has a right of recourse (the legal right to demand set-off or payment). An example may be foreclosure. If you want to have a right of recourse, opt for a loan agreement instead of a promissory note. hi sreekanth sir, I need the loan agreement format for my client.please send me by mail. My father gave his neighbor a loan amount of 10 lakes with 2% interest and got signed in pro note. Now he does not pay the amount of interest correctly.
Can you please suggest how we can take legal action against him, what the procedure looks like. Pronote was signed on 2014 Sep. A friend of mine is in the United States and his wife is in Inde.Sa wife is waiting for her husband`s money so she can take land and build a house in Hyderabad. But she wants to keep the property in her name and is ready to repay (interest and principal) to her husband in the future. What kind of loan agreement should now be drafted between wife and husband and the loan agreement should be problem-free, even if it is problem-free in the future, such as divorce/separation, etc. My neighbor received a loan from Rs. 4 lakhs in February 2014, four days before his son`s wedding, and said the loan will be repaid in six months at an interest rate of Rs. 2.00 per month. Promissory note drawn. Interest payments were also overdue. 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 follow on how to proceed Hi Srikanth, this is a very informative article. I have a request that I took 23 L, real estate loans from a bank. Now one of our friends tells us that he can lend us money for the closing of this loan and that we have to repay it without interest. As a Muslim, he does not like to earn or spend out of interest. So if we borrow from it, what could be tax and how can we save taxes? because we don`t let him have problems with taxes and the same for us. He has a savings account from which he can lend UA via RTGS or check. Sincerely, I took out loans for property of Rs 62.8 lakhs by pawning my apartment to help my boyfriend and his wife start their business. The total amount was paid to them by three cheques.
He promised to repay the amount in six months, and by the time the full amount is returned, he promised the bank`s IMEs to deposit checks into a bank account. After depositing four checks, he stopped this in the last four months. No promissory notes or loan agreements were signed as I believed the family would keep their verbal promise. As a retired officer of the armed forces receiving a limited pension, I am not able to repay the bank`s EMIs. I even sold jewelry to my spouse to pay IMEs over the past four months to avoid becoming a default. Please indicate how I can proceed to recover the amount indicated. I know I dug my grave and now I don`t want to be buried there. In case of non-payment of the IME, the bank can proceed to the sale of my apartment to recover the amount of its loan.
Hi Sreekant, I want to give foreigners a small loan on interest, can I do it, if so, is their legal requirement of the government to meet to grant such a loan. which will be the best option for me, whether I a) make a promissory note or b) a loan agreement. Loan contracts usually contain information about: Dear Mr. Reddy, I would like to ask about a personal loan case in which I gave a well-known person 10 lakh rupees as an interest loan, I received from him a check for the same amount, in which a Stam paper was signed, in which the interest rate and the duration of one year for the contract are mentioned.