Advance/loan against purchases of property
smarty
(Querist) 26 February 2013
This query is : Resolved
Dear Sir,
I am ashish living in ghaziabad. My freind is s property dealer who want some loan from me for purchasing a property and he will giving me a interest on monthly basis on that loan amount.
So I want to know that what is the procedure for giving a loan to my friend through legal documentation way so that I can secure my loan amount.
ajay sethi
(Expert) 26 February 2013
take loan by cheque . obtain letter from him that said amount has been advanced as loan . the borrower to return said amount in _________ months with interest at 18%per annum .
take a post dated cheque from borrower if possible
smarty
(Querist) 26 February 2013
can i take interest @ 30% PA
ajay sethi
(Expert) 26 February 2013
you say he is your friend and you are demanding 30%^interest .
obtain a moneylender license.
smarty
(Querist) 26 February 2013
ok sir lastly I want to ask you that what should be the stamp paper cost for making legal document and kindly also tell me that what should be the performa of that legal note and if I attached that from notery that it is better
Raj Kumar Makkad
(Expert) 28 February 2013
A stamp paper of Rs. 100/- shall be sufficient and a clear language as suggested above, should be got inserted and if this document id duly notarized, shall be sufficient.
