mastanrao.bhogadi (advocate) 29 July 2011
Suit on simple mortgage.Property mortgaged for Rs. 3,00,000/-. Contract rate of interest is 24% p.a compound. suit filed by calculating compound interest. Interest comes to Rs. 11,00,000/-. Nearly 3times of borrowed amount. Is there any relief available to defendant praying for reduction of interest amount OR HAVE TO PAY THE AGREED RATE OF INTEREST? ARE THERE ANY ENACTMENTS THAT CAN CAME TO RESCUE THE DEFENDANT? The transaction had taken place in the state of A.P.
shekhar (proietor) 30 July 2011
interest gets added at every three month. now i feel but not sure way is
1) discus with party out of court request for relif and mitualy place relif in court.
2) you will have to pay interest till u pay complite money.
3) else court will recover money fromproperty.
this is asumption only.
it is better to consult lawyer.
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