Meaning of POLICHCHELUTTU

POLICHCHELUTTU

Language - Tamil

Tamil Word - பொலிச்ஹெலுட்டு

A fine or fee paid to the proprietor (landlord or property owner) by the mortgagor (borrower) upon the periodic renewal of a mortgage agreement. Example: In Tamil Nadu, a farmer who has mortgaged his land might have to pay a 'polichcheluttu' to the landowner each time the mortgage is renewed. This term reflects the financial obligations associated with mortgage agreements in Tamil Nadu. The 'polichcheluttu' serves as an additional cost for the borrower, ensuring the lender's continued interest in the property and potentially discouraging frequent renewals.