(Querist) 27 July 2011
This query is : Open
Respected experts- Suit on simple mortgage.Property mortgaged for Rs.3,00,000/-. Contract rate of interest is 24% p.a compound. suit filed by calculating compound interest. Interest comes to Rs.11,00,000/-. Nearly 3times of borrowed amount. Is there any relief available to defendant praying for reduction of interest amount OR HAVE TO PAY THE AGREED RATE OF INTEREST? ARE THERE ANY ENACTMENTS THAT CAN CAME TO RESCUE THE DEFENDANT? The transaction had taken place in the state of A.P.