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Kagaznama

Indemnity by a Co-Borrower

At a glance

Price: Free
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.

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Also called

co-borrower indemnity
internal loan payment indemnity

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.

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You can fill this one in on this site, and read the whole draft on screen before you decide anything about it. It is a carefully drafted template; it is not advice about your own facts.

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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.

Request Stamp Paper

Sample preview — placeholder answers, not your data

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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.

EXECUTION

______________________________
Signature
Indemnifier: Aarav Sharma
Place: ____________________
Date: 1 April 2026

______________________________
Signature
Protected party acknowledgment: Naina Sharma
Place: ____________________
Date: 1 April 2026

PERSONAL DATA NOTICE

This notice is given under the Digital Personal Data Protection Act, 2023.

Personal data in this document is collected only to administer the stated internal indemnity between co-borrowers without altering lender rights, communicate about that purpose, verify expressly supplied lending, identity and property information, and retain an evidentiary transaction record.

The record will be held by Kagaznama and may be shared only with the borrower, co-borrower, guarantor, lender, authorised professional, registering or revenue authority, Central Registry/CERSAI-related service, insurer or other person directly involved in the stated credit or security transaction.

If the transaction is withdrawn, refused or cancelled, personal data will be retained for 90 days and then erased. If the transaction proceeds, the record will be retained for the loan/security term plus 12 months, except where a named statutory or regulatory record-retention period requires longer retention.

A person named here may withdraw consent for future consent-based processing, request correction or erasure when the stated purpose has ended, or raise a grievance by writing to privacy@example.com. The record-holder should acknowledge and respond within 30 days.

Data minimisation: this document does not collect full Aadhaar numbers, Aadhaar-card copies, passwords, PINs, OTPs or unrelated bank credentials, and none should be written into it. Use masked account/identity references where an identifying reference is genuinely necessary.

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.

See the full position on stamp duty, registration and witnesses

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

Not registrable (s.17) — no property interest created.

See the full position on stamp duty, registration and witnesses

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

Free.

Documents are free. Only kits are paid.

Does the Indemnity by a Co-Borrower need witnesses?

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

See the full position on stamp duty, registration and witnesses

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