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Saturday, May 23, 2020

In case of Term Loans, the period of limitation is calculated as three years from

As per the Limitation Act, 1963, a demand loan becomes time barred after three years from the date of documents. In term loan each installment becomes time barred after three years from its due date. However, in case of mortgage loan the documents become time barred after 12 years from the date of documents.

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