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Geetha (accountant)     18 June 2010

Lenidng money to sister

Good morning all.

Firstly I thank everyone for this wonderful forum. I need guidance please. I currently live overseas and my sister has asked me to lend her 2 lakhs loan towards a purchase of a property. I need to have that legally done to ensure that there is no money laundering happening also to cover myself.

Can you kindly give me a format or document i need to execute for this please.

She is currently living with a person and not married hence I am a bit relutctant as well. The property will be in the joint names. As they are not legally married would it cause problems in future for my sister as to rights of the property. They have been together for about 5 years now.

My sister is saying she will repay 10,000 rupees every month till september and increase it to 15000 afterwards.

Please help me with some wordings to format this document please. I am really not familiar with Indian law  as I have been overseas for many years now.

thanks and much appreicate your assistance and help in this matter.

 

 



 5 Replies

Adv Archana Deshmukh (Practicing Advocate)     18 June 2010

Put in simple words the amount given and the mode of repayment promised by your sister. Also mention that the amount is given without any interest on it.

Geetha (accountant)     18 June 2010

Thanks Ms Archana does it have to be done on any stamp paper or promisory note or anything like that???

and does it have to be witnessed as well.

Legal Fighter (Advocate)     18 June 2010

it is better to get it on stamp paper and be witnessed with at least 2 witnesses.

Geetha (accountant)     18 June 2010

thanks everyone for all the replies

Sudhir Kumar (Retd Govt Officer)     04 December 2011

Lending money to Brother/sister?  Good bye to love and relationship particularly if you are NRI..


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