Legal Question in Credit and Debt Law in India

my father took rs2000/-from a land lord after mortgaging a house.it is almost 26 years till now.my father expired 16 years back. we paid rs 200 after the completion of 10 years towards interest.but one day he came to us and taken away the recipt for rs 200/-saying that his auditor wanted to see it.there after,he did not ask for the money but occupied the house.now he demands 800000s.the house is in complete destroyed condition.all the village rich people are of his community,and we want to know whether the mortgage is still valid.and how we can get our legal documents from him


Asked on 6/25/13, 4:08 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

25.06.2013

Dear Sir / Madam,

Rs. 200/- cannot be the interest payable on Rs. 2,000/- for a duration of 10 years out of the 26 years that the amount has remained outstanding ... what is the rate of interest you have calculated it on ? What about the payment of interest on the accumulated outstanding for the remaining period of 16 years ? How much does it work out to as per your calculation ? If you do not have any evidence of your father having repaid the loan to the landlord, your mortgage is very much valid and you will need to negotiate a settlement with the landlord.

Regards,

Read more
Answered on 6/25/13, 4:21 am


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in India