My relative executed a registered simple mortgage deed in 2009. The mortgaged property value is about 2 crores. The deed says mortgagor has borrowed 10 lacs from me and will repay the principal amount in 3 years with 1.5% monthly interest. But till today mortgagor did not pay any interest or principal. Upon request of mortgagor we have not filed any suit in the court.
Since simple mortgage is valid for 12 years, can I wait and file a suit just few months before validity period?
What will be the recovery amount (principal+interest) if I file a suit today?
Thanks for your time.