loan for home loan

This query is : Resolved

Garima (Querist)
Follow

13 September 2009 Mr Z has taken a home loan @11% three years back.
Now he wants to repay them .
for this purpose he has an option of taking a loan from a person whom he doesn't know much about.
my question is should he opt for this? if yes, then what is the procedure for taking this loan?
someone told me to have this in a stamp paper.is it correct.
I need ur valuable advice as early as possible.

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)
Follow

13 September 2009 As far as my knowledge is concerned, taking loan from open market is always costlier then the banks, if it is taken from some unknown or lesser known sorces. In your case, if Mr.Z doesn't know the person very well, then he should avoid it to save himself from further fraud or any other litigative possiblities. Even if he wants to go for this solution, then make an agreement on prescribed Stamp paper, and insert all clauses into it including interest and payment plans. And yes, dont forget to mention the clause of litigation matters jurisdiction into the agreement. Also, take proper witness of two relaible persons on this agreement and get it registered from the court. But before going on this option, I will again advise him to calculate the benefits from this switching.

CA CHINTAN AJMERA

CA CHINTAN AJMERA (Expert)
Follow

14 September 2009 Agree with Expert

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

mahendra zaveri

sachidanandam

S D Kannan

SARAVANAN PALANISAMY

Srikanthan S

Subscribe Now

loan for home loan

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA