loan for home loan
This query is : Resolved
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.
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.
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.
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
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- SFT Cash Deposit in Current Account
- Annual return in Gst
- Regarding TDS Applicability For Director Remuneration
- Requirement of tax deduction at source by individual
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
