hello sreekanth sir, I need loan format for my client. Please email me. Hello Sir, I am taking out a loan (interest-free loan) of my sister`s Rs 5 Lakhs for the purchase at home. Is it advisable to enter into a credit contract to avoid any tax impact on me or my sister? Please advise Cher Sarfaraz, While closing the loan, your banker could ask for the source of the fund, so it is better to have made a credit contract between the two parties (even and your friend). For more information, check out our article on the differences between the three most common credit forms and choose what`s right for you. A simple loan agreement should include the following: a loan agreement must be signed by both parties in order to avoid disputes that may arise in the future. I lent to my friend a year ago 3 Lakhs, did not sign an agreement, he is ready to sign a contract now, it is advisable to have an appendix in the agreement that gives details on the amount of the loan in the past (1 year back). The amount of the loan was by esusing the credit card in several months for small sums up to 10K Nagesh, the real estate bill is approved by the union cabinet, but not yet voted by Parliament. Read: Highlights of the real estate bill. Please note that a sale agreement is only a document to obtain another document, i.e. the deed of sale, and does not transfer ownership of the property.
No one will own a property simply by executing an agreement to sell in its favour. However, both parties must comply with the terms of the sale agreement. Dear Patrick, I have no expertise on this subject. Suggest consulting a lawyer or accountant who specializes in NRI/Foreign Investors. Yes, in any case, do not lend your money by making only the note or the loan contract. A loan contract (loan contract) recognizes that there is a loan, specific broadcasting commitments and also stipulates that the lender is entitled to an appeal (the legal right to claim damages or payment). An example may be a FORECLOSURE. If you want to have a right of appeal, go for a credit contract instead of a prolamissy note. Now, there are many different types of credit contract forms, and the content of each credit contract model differs from case to case. To keep things simple, we consider the model for personal credit agreements, which is the most common application case for a credit contract form and something that can be used if the loan comes from one individual to another person. These include a loan form for friends and a loan agreement form for families. Interest is a way for the lender to calculate money on the loan and offset the risk associated with the transaction.
If the total amount of the loan is of great value, it is a good idea to require the signature and details of a guarantor – someone who can vouch for the borrower and work as a guarantee of repayment, the borrower should not be able to repay. The interest rate applicable to the loan covered at the time of the implementation of this agreement is set………………, merged with the monthly balances of the outstanding balance, i.e. the balance of the loans and the interest and expenses, charges and charges remaining to be liquidated at the end of the month. Any dispute over the amount owed or the calculation of interest will not allow the borrower to withhold payment of a tranche. 30 days per calendar month are taken into account when calculating interest. If the loan is for a large amount, it is important that you update your last wishes to indicate how you want to manage the current loan after your death.