Kept House documents and took money. Can i extend the term of bond?

I have took 5 lacs from a person by keeping my house documents and we have written a bond to pay after 3 years if not to handover the property..I am payiing interest every month..Now 3 years are coming to end..Can i extend legally that tenure if i fail to repay in 3 years..

Answers (2)

144 votes

Dear Concerned, Let me correct you, you can extend the contract Mutually not legally. Talk to your lender and request for some more time for repayment. If it does not materialize borrow funds from other sources and pay off the debts, otherwise the property might slip out of your hands.

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257 votes

You have not said that in which type of agreement you have entered I mean registered or unregistered. Normally people enter in unregistered so as per your version you are paying interest so time extends from last paid interest

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