664+ Lawyers are online 
How is interest calculated on mortgage property ?
09-Jan-2023 (In Property Law)
Sir,my name is .my father was taking 1 lacks rupees from someone. He was mortgage regristred my land without my permission. Present he says 4lacks rupees to pay to him.but I asked what is the interest for 1 lacks from 5 years.The land is transferring my grandfather to my father after he dead. My family is impossible to pay that amount.what is the further process .
Hi,
It is not clear as to the property stands in your name or your father name , If it stands in your name then your father cannot deposit and take the amounts without your permission and the person who has given also cannot claim the amounts from you as it is not you who has taken the amounts. Check if he is having money lending license if not then he cannot do business without it and you or your father can approach the police and register a case for harassment by the money lender.
It is not clear as to the property stands in your name or your father name , If it stands in your name then your father cannot deposit and take the amounts without your permission and the person who has given also cannot claim the amounts from you as it is not you who has taken the amounts. Check if he is having money lending license if not then he cannot do business without it and you or your father can approach the police and register a case for harassment by the money lender.
Helpful?
Adv. Mohammed Abdul Quadeer
Hyderabad | 400+ Answers
CONTACT NOW
You did not mentioned date on which he has taken loan after mortgaged the property any how allowed interest is maximum up to 24% P. a. If you are unable to pay the amount mortgaged property auctioned get realise his loan amount with interest
Helpful?
Adv. P V Reddy
Vijayawada | 100+ Answers
CONTACT NOW
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
Connect with top Property lawyers for your specific legal issue
No Comments! Be the first one to comment.
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."
