Loan of rs. 15,00,000-

Querist : Anonymous (Querist) 22 March 2018 This query is : Resolved
I have borrowed a loan of Rs. 15 lacs against house property. I registered loan agreement for 30% per annum . But paid 36% per annum interest i.e., Rs. 45,000 per month. Not in lender name but in his wife bank account. I also execute POA for my house property. I also signed 10 pronotes and 10 cheque leafs (unfilled). Now Problem with my lender. What can i do? Can i complain to any legal authority? What is the legal rate in Tamil nadu? Pls help me

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Adv. Yogen Kakade (Expert) 22 March 2018
If the facts mentioned by you are true.. it is enormous amount of interest..
It is advisable for you to consult a local lawyer.

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Ms.Usha Kapoor (Expert) 23 March 2018
The loan is covered by Mumbai lenders Act and Bombay Usurious lender Act 1918 where high rates of interest are charged. Contact a local good lawyer and file suit for relief of excessive principal and interest burden under the above Acts.

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Ms.Usha Kapoor (Expert) 23 March 2018
Dear Client ,
Small Correction.
You file cases under Tamil Nadu Money Lenders Act 1957 and Tamilnadu Usurious Money lenders Act 1936 which have jurisdiction to decide your case.

Kumar Doab (Expert) 23 March 2018
You indeed have a heavy burden..
Having benefitted from advises in the thread approach and retain a very able senior LOCAL counsel of unshakable repute and integrity specializing in such/civil matters and having successful track record and worth his/her salt….

Kumar Doab (Expert) 23 March 2018
You may post with your ID and you can get many replies.
Your ID does not mean your email id or phone number and don’t post these also.

P. Venu (Expert) 23 March 2018
Every State has enacted legislation prohibiting exorbitant rate of interest. The general principle has is to prohibit interest above 2% of the prevailing highest rate of interest levied by the scheduled banks.

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