Loans against property

Girish (Querist) 14 September 2012 This query is : Resolved
Hello All,
If a property is mortagaged againt a private loan. What is the maximum % of interest is allowed to take from loan borrower. IS there any fixed limit?

What document is required to prove that loan was given in case loan given was from different accounts?

Thanks
Girish

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adv. rajeev ( rajoo ) (Expert) 14 September 2012
If you want to finance then you should have money lending license

malipeddi jaggarao (Expert) 14 September 2012
Please post full particular. What is purpose of the query?

V R SHROFF (Expert) 14 September 2012
Girish, I understand you r owner of property.

Go for Bank Loan,
Do not borrow money from Private persons. [bcz Many lost their property.]

ajay sethi (Expert) 14 September 2012
geerally money lenders charge interst at 36%pa.

in karntaka under As per the Notification No.CMW/04/CML/2003, dated 28-8-2003 of Karnataka Government, themaximum rate of interest fixed for all classes of business of Money Lending in the following rates:

a) Secured Loans...............14% per annum

b) Unsecured Loans...........16% per annum

JANAK RAJ VATSA (Expert) 17 September 2012
raising of private loans is extremely expensive. better go for a bank loan

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