Friend unable to return money given as loan
I have given money in cash to a friend at interest rate of 3% per month. From the last 8 months he has not paid the money. Now for the security of money he is ready to give me his house for a period of 6 months. If within six months he is not able to return me the property, will it be transferred to me? He is not having the registry of that house. He is having the POA with him. What to do?
Do you have a moneylender licence? How can you give cash as loan without any documents being executed.
Contact a local lawyer and take all legal safe guards as per his advice. Ask the borrower to get the property transferred in his name by a sale deed. The POA does not confer any title to the property.
Send a legal notice for recovery of dues @ Rs. 1999/- only
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