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Father died after taking loan do we have to pay the amount
29-Nov-2023 (In Recovery Law)
My father took a loan of 5lakhs from sbi as paramilitary loan. But he expired last april. Only few emi has submitted. But sbi has blocked my mothers pension acount. Is there any remedy for this so that we do not have to pay the loan
Loan documents are to be looked at
Please show long documents so that right advice can be given to u
Did SBI gv any reason?
Did SBI demand payments after demise of your Father?
Please share all these details
Please show long documents so that right advice can be given to u
Did SBI gv any reason?
Did SBI demand payments after demise of your Father?
Please share all these details
Helpful?
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Adv. Urfee Haider
Delhi | 200+ Answers
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The remedy depends on the fact as to whether your father left any property to his dependants whether by will or intestate succession. If yes, then legally the creditor (bank) can claim the amount from such property irrespective of who owns it now.
Having said that, the bank can do so by adopting means which are legal. Freezing a pension account of a family member is questionable and may be disputed.
Having said that, the bank can do so by adopting means which are legal. Freezing a pension account of a family member is questionable and may be disputed.
Helpful?
25+
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Adv. Nikhil Sabharwal
Chandigarh | 25+ Answers
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The legal heirs are not personally liable for discharging the loan attained by the borrower. However, the banks may proceed against the estate of the borrower. A lot of things depend upon the contract entered between your father (borrower) and the bank.
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Adv. Bidit Kumar Deka
Delhi | 25+ Answers
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If you have inherited any property from your father you can not escape the liability to repay the loan amount. For better advice you need to personally come and explain the facts and situation personally than only I can advice you properly. If you are in delhi you can come to my office at Tis hazari.
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Adv. Brajesh Kumar
Delhi | 100+ Answers
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