Kaagazaat
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Kaagazaat

Indemnity by a Co-Borrower

At a glance

Price
₹199 · GST included
Stamp duty
Article 34, Schedule I-A (a security bond's duty, Article 57) — neither Punjab's nor Chandigarh's table prices it; ask the Sub-Registrar or get s.31 adjudication.
Registration
Not registrable (s.17) — no property interest created.
Witnesses
Contractual, not s.59's statutory witnesses — follow whatever the lender requires.

₹199

GST included

Launch period: downloads are free for now. The prices shown apply once payments open.

Guided questions, full draft on screen, download in Word.

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Also called

  • co-borrower indemnity
  • internal loan payment indemnity

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Why you need it

When you need it

Two co-borrowers privately agree one bears specified payments or reimburses the other for lender claims — often pending a property settlement. This allocates risk between them but can't reduce the lender's rights against either. State the covered obligations, start date, payment method, exclusions, and that lender release needs separate approval. An indemnity (saving another from a loss) differs from a guarantee (a third person's default) — shouldn't accidentally bind the bank. The protected co-borrower gets a reimbursement right; the lender's rights stay intact.

See stamp duty, registration and witnesses

What follows is written for Punjab and Chandigarh. It states the position there rather than describing how it varies, so the amounts below are the ones that apply — worth confirming at the sub-registrar’s office, because rates change. If the property is anywhere else in India, none of this is yours.

Stamp duty

Article 34, Schedule I-A (a security bond's duty, Article 57) — neither Punjab's nor Chandigarh's table prices it; ask the Sub-Registrar or get s.31 adjudication. Stamp in the indemnifier's name, before signing (s.17); under-stamped is inadmissible until the deficiency/penalty are paid (s.35).

Registration

Not registrable (s.17) — no property interest created. Charging property too makes it a mortgage: registered, two witnesses (s.59, TPA 1882), unless by deposit of title deeds.

Notarisation

Only if the lender wants a sworn/attested form.

Witnesses

Contractual, not s.59's statutory witnesses — follow whatever the lender requires.

Talk to a lawyer about this document₹3,539 including GST (₹2,999 + 18% GST), per documentRequest Stamp Paper

Sample preview — placeholder answers, not your data

INDEMNITY BY A CO-BORROWER

Indemnity date: 1 April 2026

Loan: ABC Bank Ltd, Sector 17, Chandigarh, reference HL-2026-118, amount ₹90,00,000 (Rupees Ninety Lakh only). Primary borrower record: Aarav Sharma, Sector 21, Panchkula.

Indemnifier/co-borrower: Aarav Sharma. Protected party: Naina Sharma.

CONTEXT

Internal allocation of loan payments between co-borrowers.

INDEMNITY

Covered obligations/loss: EMIs and lender charges becoming due after 1 October 2026, plus direct loss from non-payment.. Start date: 2 April 2026. Payment mechanism: Within stated days after proof of lender payment/demand. Reimbursement period: 7 days after documented demand.

Excluded losses: Loss caused by protected party's independent fraud or unauthorised new borrowing.

LENDER RIGHTS

Indemnity operates only between co-borrowers and does not release or restrict lender rights.

Questions about this document

Does the Indemnity by a Co-Borrower need stamp paper or stamp duty in Punjab and Chandigarh?

Article 34, Schedule I-A (a security bond's duty, Article 57) — neither Punjab's nor Chandigarh's table prices it; ask the Sub-Registrar or get s.31 adjudication. Stamp in the indemnifier's name, before signing (s.17); under-stamped is inadmissible until the deficiency/penalty are paid (s.35).

Does the Indemnity by a Co-Borrower need registration in Punjab and Chandigarh?

Not registrable (s.17) — no property interest created. Charging property too makes it a mortgage: registered, two witnesses (s.59, TPA 1882), unless by deposit of title deeds.

What does the Indemnity by a Co-Borrower cost on Kaagazaat?

₹199, GST included.

Launch period: downloads are free for now. The prices shown apply once payments open.

Does the Indemnity by a Co-Borrower need witnesses?

Contractual, not s.59's statutory witnesses — follow whatever the lender requires.

Often needed with this document

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