Legal Question in Credit and Debt Law in India

Hand loan given to friend

My frined asked a land loan of 5 lakhs.He is willing to go for power of attorney on my name.If he fails to pay the money back to by specified date i can register that land on my name or sell to some one next day.What kind of GPA I should go for or suggest me what should I do that.Thanks in advance


Asked on 4/13/09, 11:43 pm

2 Answers from Attorneys
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: Hand loan given to friend

You may want to engage a local lawyer for drafting an appropriate document for you.

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Answered on 4/15/09, 1:05 pm
Homi Maratha N.N. Maratha & Co.-Advocates

Re: Hand loan given to friend

Hello

GOOD MORNING

Firstly, you should check who is the absolute owner of the land.

This way is not safe at all as in future there can be various kind of civil litiagations.

I would advise you to contact a local lawyer with the details of the lands.

In case of need please contact personally alongwith the details.

OR

If any further query please mail me.

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Answered on 4/14/09, 1:05 am


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