1) loan agreement is to be executed between parties
2) it can be notarised . registration is not required
3) contact a local lawyer in this regard
4) he will draft the agreement and insert other clauses to protect your interests
Legal agreement needed
I want to get a legal document prepared with below content to protect my interests. I would like following questions answered: 1. Is there a specific name for such a document? 2. Does this need to be a registered document or a notarized document is sufficient? 3. Where can I get this done? The borrowers agree to repay an amount of Rs. Xxxx to the lenders as per calculation sheet attached. The borrowers agree to the following conditions of repayment terms: 1. The amount Rs. Xxxx will be repaid by 1st January 2018. 2. If the amount is not repaid in full by the due date, the lender will recalculate the repayment amount at an interest rate of 8? compounded annually using the earlier due amount as principal. 3. Till the time the amount is not repaid in full the lenders will not vacate/release possession of the borrowers demarcated portion of land located at ADDRESS on which the lenders currently reside. Signed.
Asked 8 years ago in Civil Law
Ask a question and receive multiple answers in one hour.
Lawyers are available now to answer your questions.
5 Answers
Hi, you have to execute simple mortgage, so that it will help you to protect your interest and it has to be registered before the Sub-Registrar.
1. There is no specific nomenclature of such an agreement.
2. An agreement wherein one party lends money to the other who agrees to repay it, is not required to be mandatorily registered, but if the amount involved is big then it should be registered.
3. Get it drafted by a lawyer. You are free to choose any lawyer from this portal itself.
according to Varalaxmi v. Syed Kasim Hussain AIR 1980 SC, money lending license is necessary to take interest on the money lent otherwise not. you cannot take interest @8% on the money lent but you can give money to any person without any interest but you can get back with interest @6% (under CPC) if that money is not repaid in stipulated time. interest shall be levied after expiration of stipulated period till the date of repayment.
A loan agreement is a contract between a borrower and a lender which regulates the mutual promises made by each party. There are many types of loan agreements, including "facilities agreements," "revolvers," "term loans," "working capital loans."
So you can specify the reason for which the loan agreement is to be made.
This can be a notarised document or if you want the same to be a registered document you can be very well get it registered too.
