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Is son responsible to pay loan taken by diseased father ?
01-Feb-2023 (In Banking / Finance Law)
My father has taken 70,000 as KCC loan in 2014 and he passed away in 2015. It came to my knowledge after his absence. I have tried to talk with banks and some more people but finally they advise me to pay all amount. Is there any away to settle with bank.Please advise me if any possibility in this.
Kindly make an application with the bank and it's head office for giving you benefit for repayment of loan or as per the subsidy granted by Central govt. If the bank denies giving you subsidy you can move a petition in High Court for the said relief
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Adv. Swadha Kumari
Lucknow | 25+ Answers
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Kindly send application for one Time settlement to the zonal/regional manager of your bank stating your financial situation and ask them to settle the dispute. You can also file a case before permanent lokadalat of your district for amicable settlement of dispute. But remember one thing that debt remains debt untill no objection certificate is not given to you by your bank despite deposit of outstanding amount of loan whatever it's kind.
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Adv. Vinay Pandey
Lucknow | 25+ Answers
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The banks can not force the heirs to pay the outstanding amount. However banks have the right to seek repayment from the legal heirs by disposing off the property involved. It also depends on type of loan availed. The creditor/Bank at its discretion may provide a flexible term for repayment of loan but waiver of interest is very unlikely.
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Adv. Himanshu Srivastava
Lucknow | 25+ Answers
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