Mortgage by private person

nashirul (Querist) 24 July 2017 This query is : Resolved
Respected seniors
I want to know.whether apart from bank can a private person can advance money to an indivudual takin his or her property in mortgage,and which is the best form of mortage in such a scenario .
If any interest is charge upon the property,is it necessary that the person should hold registration certifiacte under money lender acts
Lastly,i want to know ,if instead of takin interest ,can the private person can ask for a lump sum of money after certain time
Whether to mortgage a property,any prior. Permission is required from the local bodies such as collectors office or patuaris office,
Pls advise
Thanking u in anticipation

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Dr J C Vashista (Expert) 24 July 2017
Vague statement of the examination hall question, consult a local tutor.

Guest (Expert) 24 July 2017
A sound financier could seek the help and guidance of local good advocate with all details for a safe long run

Guest (Expert) 24 July 2017
You need Money lender license and you need to lend money according to your state Money lender Act .

If you don't do that and advance money and person don't return money there can be problem.

Because there are certain section in some state act like Maharashtra state money lender act 2014 that no relief can be given to money lender by Hon. Court if don't have valid license on the day of lending money and things are not in order according to the state act.

Please consult your local advocate

Kumar Doab (Expert) 24 July 2017
Mr. Madhu has given you suitable hint.

If you want to take risks on your money it is better to approach local counsel specializing i such matters......

Rajendra K Goyal (Expert) 24 July 2017
Academic query.

State material facts of the problem if any.

How are you concerned / related with the query?

Looks like examination question.

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