The Private Mortgage Loan Agreement is essential for private lending transactions in India where real property serves as security for a loan. This document is commonly used when individuals or private entities, rather than traditional banking institutions, provide loans secured by real estate. The agreement must comply with various Indian laws, including the Transfer of Property Act 1882, Registration Act 1908, and state-specific regulations regarding interest rates and money lending. It typically includes comprehensive details about the loan terms, property description, repayment schedule, default provisions, and enforcement mechanisms. The document becomes particularly relevant in situations where borrowers seek alternative financing options outside traditional banking channels, while still providing adequate security and legal protection for all parties involved.
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1. Parties: Identification of the lender and borrower with complete details including names, addresses, and legal capacity
2. Background: Context of the loan agreement, including the borrower's request for the loan and the property being mortgaged
3. Definitions: Definitions of key terms used throughout the agreement
4. Loan Amount and Purpose: Specification of the loan amount, purpose, and disbursement terms
5. Interest Rate and Calculation: Details of interest rate, calculation method, and payment frequency
6. Repayment Terms: Schedule of repayments, payment methods, and prepayment provisions
7. Security/Mortgage Details: Description of the mortgaged property and type of mortgage being created
8. Borrower's Representations and Warranties: Statements of fact and promises made by the borrower regarding their capacity and the property
9. Borrower's Covenants: Ongoing obligations of the borrower including property maintenance and insurance
10. Events of Default: Circumstances that constitute default and their consequences
11. Remedies: Lender's rights and remedies in case of default
12. Expenses and Costs: Allocation of costs related to the agreement, registration, and enforcement
13. Notices: Method and addresses for serving notices between parties
14. Governing Law and Jurisdiction: Specification of applicable law and courts having jurisdiction
15. Execution Clause: Formal closing and signature blocks
1. Guarantee: Include when there is a guarantor securing the loan
2. Insurance Requirements: Detailed section when specific insurance requirements are needed beyond basic property insurance
3. Assignment and Transfer: Include when either party may need to transfer their rights under the agreement
4. Electronic Communication: Include when parties agree to use electronic means for notices and communications
5. Force Majeure: Include when parties want to address unforeseen circumstances affecting loan repayment
6. Debt Service Coverage Ratio: Include for commercial properties generating income
7. Co-borrower Provisions: Include when there are multiple borrowers
8. Property Management: Include for commercial properties or when specific management requirements exist
1. Property Description Schedule: Detailed legal description of the mortgaged property including boundaries and registration details
2. Payment Schedule: Amortization table showing payment dates, principal and interest breakup
3. Insurance Requirements Schedule: Detailed list of required insurance policies and coverage amounts
4. Property Title Documents: List of title documents evidencing ownership
5. Existing Encumbrances: Details of any existing liens or encumbrances on the property
6. Condition Precedent Documents: List of documents required before loan disbursement
7. Form of Notice: Template formats for various notices under the agreement
8. Property Valuation Report: Summary of the professional valuation of the mortgaged property
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