Great article. My husband and I are borrowing $60,000 in interest free from his son`s family, who have a partner and a small baby. They want to buy a bigger house. With our help, they borrow less from the bank and pay 20% down payment instead of 10%. It`s their plan to pay back: the first two months – nothing in return. Starting in the third month, they plan to pay back $500 a month and pay $42,000 last month. They wrote a loan contract listing their names, names and repayment method above. There are no conditions for the borrower`s defaults. Is it valid? Suggestions such as ensuring reimbursement? I want to be a support, but I don`t want money to ruin our relationship in the future. Thank you very much. Greetings sreekanth. I have a unique precision. I have been married for 25 years and it was not a happy couple life.
We have two daughters, one 22 years old and the other 16 years old. I`ve had a lot of problems. My financial clarification is that my husband has 3 properties (2 independent and 1 apartment) that are in his name. I have earned most of my life as a couple and I have not saved a single rupee in my name. All 3 properties were purchased in the form of LIC loans and 2 loans were entered into, with the exception of the flat loan. That`s what I want to know. 1. I have characteristics. 2. I have a share if he plans to sell one of his real estate properties for the education of our children.
Education costs will only be partially compared to the overall sales thinking. What percentage will be my share. 3. What is the way to proceed if he refuses to give my share? Thanks (FYI – RBI published on 9, Sep-2014 a communication on “Guidelines for Voluntary Standarders”. A guarantor of an intentional switchboard operator can therefore also be treated as a “defaulter”. So think twice before accepting and signing a loan) 15.1 Language English is used in all correspondence and communications between the parties. 15.2 Cumulative rights All remedies of the lender under this contract, whether provided for or granted by law, civil law, common law, habit, trade or use, are cumulative and non-alternative and may be applied successively or simultaneously. 15.3 Loan Contract Advantage The loan agreement is binding on each party and its successors or heirs, directors, and must, if necessary, ensure the benefit of that party and its successors or heirs, directors.