Money lender not giving back original property document

Querist : Anonymous (Querist) 05 November 2014 This query is : Resolved
My friend took loan of Rs.10000 from Mr.B in august 1998 by giving original site document and promissory note @ 2% interest for 6 months time. He paid interest only more than 10000. The site is in tamilnadu and both the parties are in karnataka and promissory note is in kannada language. The lender is demanding Rs.2 lakhs to return back the documents. Kindly advise what legal steps can be taken to get back documents?

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Devajyoti Barman (Expert) 05 November 2014
anonymous query is not replied here.

Querist : Anonymous (Querist) 05 November 2014
This is kannan. Kindly reply.

Devajyoti Barman (Expert) 06 November 2014
The amount to be lieved would depend on the terms of the Pro-note.
If the same is not exceeding 2 lakh then borrower is not liable to pay.

malipeddi jaggarao (Expert) 06 November 2014
Do you know how much will the total amount to be repaid @ 2% simple interest on Rs.10000 borrowed in the year 1998?
Please look at the following table:
No.of yrs Year Principal + Int simple
1 1999 12400
2 2000 15376
3 2001 19066
4 2002 23641
5 2003 29315
6 2004 36350
7 2005 45074
8 2006 55891
9 2007 69305
10 2008 85938
11 2009 106563
12 2010 132138
13 2011 163851
14 2012 203175
15 2013 251937
16 2014 312402

Your friend should be happy he is demanding only Rs.2 lakhs. However, if your friend did not give any acknowledgements in between the debt is time barred and the other party cannot go to court of law for enforcing the payment. But he is having original documents with him. Better have further bargain asking him to reduce some more and settle the issue.

Rajendra K Goyal (Expert) 06 November 2014
Send legal notice to return the documents as the loan is time barred after 16 years and no liability exist.

Anirudh (Expert) 06 November 2014
It is not clear why a person has given both Promissory note and original property papers.

Whether the property has been mortgaged?

Querist : Anonymous (Querist) 06 November 2014
It is a loan agreement on Rs.20 stamp paper not a pro-note. It is like depositing of title deed without giving possession of site.

ajay sethi (Expert) 06 November 2014
what is the value of property?

T. Kalaiselvan, Advocate (Expert) 08 November 2014
If he is not returning the property documents, you may lodge a complaint with the police, take the copy of CSR and a non-traceable certificate from court, apply for certified copy of the document and ignore the demands made by the lender because as it is the loan is barred by limitation and above that he is demanding an exorbitant amount in return. Consult a local lawyer and take proper decision as per his further advise.

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