Mortgage
nagarajupatro
(Querist) 23 August 2013
This query is : Resolved
Dear Experts
Good Evening
A has obtained loan of Rs. 70,600/-from B basing on mortgage of his with B, with registered mortgage deed executed on 28/08/2001, in that regd.mortgage deed A agreed to repay the debt with agreed rate of interest @ 2% within 3years. But he failed. Recently A approached B to pay the amount along with interest of 1% on the debt borrowed basing the regd. mortgage, for which B has denied to receive the payment of A and demanded to repay the debt with agreed interest of 2% at single time only. A can pay the debt in installments only.
Whether A can start legal proceedings, if so of which type, can he approach the court by filing a suit for redumption of interest??
What is the limitation of such mortgage?
After the completion of limitation who can take steps in the court??
Whether B can sue A and file a suit of sale of the said mortgaged house after 28/08/2013?? as 12years ( adverse posession) completes??
A needs time for repayment in installments and ready to deposit the principle amount of Rs. 70,600/-immediately and will pay the remain amount of interest, in such case how he can approach the court, which suit he has to file??
Please respond immediately and guide
niranjan
(Expert) 23 August 2013
It is difficult to reply without going through the mortgage deed.
