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What is Legal Interest in Loan Foreclosure Case about?

This case involves a dispute over loans obtained by petitioners from respondents. Petitioners obtained multiple loans totaling over P2.75 million from respondents, secured by a real estate mortgage, with an interest rate of 18% per annum. Petitioners failed to fully pay back the loans. Respondents filed a foreclosure case. The lower courts found that legal interest of 12% applied to the stipulated 18% interest from the date of filing per existing law. The Supreme Court affirmed, holding that existing law fo

Author

isangbedista

Language

EN