I want to lend money for against property mortagage

Querist : Anonymous (Querist) 12 December 2020 This query is : Resolved
Dear Sir,

A person approached me for borrowing money for interest with property mortagage facility. I agreed to lend money for interest against Property(Land) Mortage. What are the precautions i need to take in lending money and documentations to safe guard my money.
I request to advice on this.

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Guest (Expert) 12 December 2020
An Money Lender would certainly afford to discuss in detail with an Local Advocate

kavksatyanarayana (Expert) 12 December 2020
First, obtain whether the property is plain land or assigned/govt. land and an EC for 30 years to know whether there are any encumbrances or not from SRO concerned. In the mortgage deed, you have to mention the rate of interest for the annum. Or you can take the gains of the land instead of interest. Both you mutually decide the terms of interest, the period for repayment, amount, etc. A senior Document writer/a local lawyer who drafts the deeds and register the same at SRO concerned.