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. Is this valid? Any suggestions for reimbursement? I want to be a support, but I don`t want money to ruin our relationship in the future. Thank you very much. As far as public taxation is concerned, it generally varies from one State to another. Nevertheless, there is a general model that is followed. For example, let`s take a look at the stamp duty levied by the Karnataka state government. In addition to the above documents, the Karnataka state government levies stamp duty: Dear Raja, your father made a mistake by signing on a blank stamp paper. It is surprising that you paid off the debt without calculating the interest rate! Since you have no evidence, suggest resolving the problem by mutual agreement with the creditor (lender).
Dear Sreekanth, thank you very much for your answer and I also appreciate your answer. Dear Sandeep, with regard to stamp duty, the stamps to be affixed are based on the amounts and it is necessary to consult the relevant stamp duty rates of the State in which the document is issued. Stamp duty varies depending on the duration of the loan, the amount and the type of loan. I lent 3 Lac rupees to a friend, and in return h gave me a guarantee to return money by writing it on a 500 stamp and a stamped check that I can use after a time limit. Please guess if I got my money back? You agree that these Terms of Use constitute the entire and exclusive agreement that supersedes any prior oral or written proposals or agreements, as well as any other communication between you and the Business Provider and its third party service providers or subcontractors or subcontractors or subcontractors/resellers with respect to the subject matter of these Terms of Use. These Terms of Use, as may be amended from time to time, will prevail over any subsequent oral communication between you and the Website and/or the Bank of Subcontractors. This is an excellent article. My husband and I lend $60,000 interest-free to her son`s family, who has a partner and a small baby. You want to buy a bigger house. With our help, they borrow less from the bank and pay 20% instead of 10%.
This is their repayment plan: the first two months – nothing more in return. Starting in the third month, they plan to pay back $500 a month and pay $42,000 in the last month. They have drafted a loan agreement with their names, our names and the repayment method mentioned above. There are no conditions for borrower defaults. Stamp duty is the tax you pay to the Indian government to legalize the documents needed to buy your home. On the other hand, postage is carried out only after paying stamp duty and involves the process of stamping these legal documents as confirmation of the stamp duty paid. Hello me and two of my brothers and a few investors lent money to one of my former colleagues on the basis of a manual loan agreement. At first, for a few years, he paid interest and in the last two years he does not pay anything and it seems that he has invested the amount in land. He is not able to repay the principal or interest. What resources can we take in this case to get the money back.
Please advise. 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. Dear Prakash, advise yourself to get the agreement as soon as possible. Lending to friends/relatives turns out to be a very big risk and if you don`t have a deal, imagine the quantum of the risk. You can attach the attachment and have it signed. dear greetings sreekanth. I have a unique precision. 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 A friend of mine is in the United States and his wife is in Inde.Sa wife is waiting for money from her husband so that 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. He hangs around again and again. Isn`t it possible for the banker/mother to post the copy of the contract, sign it and let her do the remaining formality? Just ask! I work in a small private company and I receive an income of about 23k by hand. Now I need an amount for my expenses. So if I provide a retrospective cheque and a promissory note in exchange for a manual loan, I can get a loan of about $35,000, which is very urgent.
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? Dear Sreejith, 1 – I think it is correct to write a PR on the loan you have already taken out. You can also ask for the help of cookies. 2 – Anything and everything can be challenged in our court. But he must prove/justify his point of view. Suggest consulting a civil lawyer and seeking advice. Hi Sreekanth, first of all I want to thank you for your lovely blog to help people like me. I gave my uncle about 10 Lake Loans at 18% interest 2.9 years ago and he gave me a promissory note. This PR expires in 3 months. To date, the outstanding balance of the loan with interest is approximately 16.5 Lakes.
So far, he has only paid 50k. Exemption from stamp duty on the transfer instrument and loan agreement for the purchase of a residential property worth between RM300,001 and RM2,500,000 from Malaysian citizens as part of the 2020/2021 homeownership campaign: Hello, good blog. Have a good idea of PR and the loan agreement. My question is that last year I lent my boyfriend 38 laces that I received from the bank in the form of a loan (home loan). I got PN written in a document sheet of Rs 3 and stamped 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`d like to be in a safe corner. Therefore, I would like to make a mutual agreement with him, in which it is said: “I am only there as a guarantor and all liabilities/loans contracted are borne only by him and automatically debited from his savings account..