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Q. Loan issue

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Anonymous

posted 5 months ago

Q.Loan issue
Sir I have two schools and I m in debts now I want to take a loan against property I have lost the original deed of my property now a Pvt company named lap loan legal associates from Delhi is giving loan on very low rates they have asked me for insolvency certificate I have provided and they have asked me for power of attorney too I have made it with two clauses of mine that power of attorney will be effective only I m unable to pay the three consecutive installments. They are asking for a certificate permission to mortgage tell me will it be safe to take loan from Pvt agency.

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Rameshwar Dadhe

Experience: 2 Year(s)

Responded 5 months ago

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A. ) Dear sir if u lost Ur original documents then no issues u should approach to the nearest registration office and made application for certified copy of documents. It is also original documents. Otherwise call me for more details please

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Kishan Dutt Kalaskar Retired Judge

Experience: 33 Year(s)

Responded 5 months ago

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A. ) Dear Sir,
You may negotiate with the bankers or ask them to approach civil Court so that you will get some time.

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Shreyash Mohta

Experience: 1 Year(s)

Responded 5 months ago

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A. ) Sir it is completely fine to take loan from a pvt company.
However, You should check the following

1. Authenticity
2. Years of establishment
3. Do a background check
4. Review the documents properly by a good lawyer
Only then take a loan. Or else many companies add certain clauses which ultimately keep you in a tight spot.
Thanks
Shreyash Mohta

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