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Hi Free Legal Advice Philippine Team!
I wanted to know on what is the legal interest rate on the case below:
1. My friend to give me his house and lot TCT as collateral in exchange that I will lend him a PHP100K cash.
2. Estimated House Lot Value is around PHP3.5M.
3. We are both willing to execute a notarized legal documents.
4. If in case at the worst scenario, I dont wan't to end up in the court later that the interest I imposed is not acceptable to Philippine Law.
5. We are both Filipinos of legal age located in Metro Manila.
Please advise.
Thanks and best regards,
jhnavarro
I wanted to know on what is the legal interest rate on the case below:
1. My friend to give me his house and lot TCT as collateral in exchange that I will lend him a PHP100K cash.
2. Estimated House Lot Value is around PHP3.5M.
3. We are both willing to execute a notarized legal documents.
4. If in case at the worst scenario, I dont wan't to end up in the court later that the interest I imposed is not acceptable to Philippine Law.
5. We are both Filipinos of legal age located in Metro Manila.
Please advise.
Thanks and best regards,
jhnavarro
