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Father took loan but died after 1st emi what should i do
01-Dec-2023 (In Recovery Law)
My father took personal loan and dead bcoz of heart attack. He too 7 Laks and paid only 1 emi that is 19,000/-. He didn't mortgage or give any surity. We have only 32 guntas agricultural land. Plz tell me what may happen in future. Does the bank have right to get agriculture land. I request you to give some suggestions.
If your father had taken loan - whether secured or not - his successors like you, your siblings and your mother, become liable to repay the same. Generally loan documents have a repayment clause which entitles them to recover the loan at once in case of death of borrower or default in repayment leading to NPA. Talk with bank, reconstruct loan to suit your repayment capacity.
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Raghavendra Rao B.K.
Bangalore | 200+ Answers
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Sir/Madam,
You need inform this to bank along with obtained legal heir certificate. You may liable to pay the emi's. Even though the property not mortgaged still the property can be taken over by the bank and you may face recovery suit as well.We need to discuss how to get rid of these issues.
thanks,
Adv. Niranjan.
You need inform this to bank along with obtained legal heir certificate. You may liable to pay the emi's. Even though the property not mortgaged still the property can be taken over by the bank and you may face recovery suit as well.We need to discuss how to get rid of these issues.
thanks,
Adv. Niranjan.
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