Loan against land pass books surety

Ksreddyacs (Querist) 14 June 2015 This query is : Resolved
Dear Sir,

Should i give loan to an individual by taking land pass books as surety with sinature on stamp paper from the borower.

If borower fails to pay should i take legal action with the help of this written document(Adimanam)accepted by the borrower.

Please suggest me.

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ADV-JEEVAN PATIL, MUMBAI (Expert) 14 June 2015
If u r giving loan specify whether on interest or friendly loan. Take promissory note to return it. Marely writing on stamp paper will not protect u.

Ksreddyacs (Querist) 14 June 2015
Yes sir it will be the loan with interest. and please tell me what precautions have to take for this.

Rajendra K Goyal (Expert) 15 June 2015
Have a promissory note or Post dated cheques.

Sudhir Kumar, Advocate (Expert) 15 June 2015
what is l;and pass book?
is it title document?
can't it be obtained duplicate when land is not mortgaged in your favour.

Ksreddyacs (Querist) 15 June 2015
Yes sir it is a pattadar pass book and having ownership rights.It will not be availed duplicate in any way.

Sudhir Kumar, Advocate (Expert) 16 June 2015
how keeping the original can be substitute of mortgage deed.

Biswanath Roy (Expert) 19 June 2015
Enter into a "Sale Mortgage Deed" for a particular period.

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