Claim of loan from sons being legal heirs after father's death

Hello, My father died when i was 23 years old. My mom is a housewife. My father died suddenly due to cardial attack. At that time, we just knew that my father have personal loan from bank (paid in monthly instalments) and also some of his business clients owe money to him. My dad used to say mom that you will get 1 crore as an insurance amount if i die. I am not sure if that was just joke or he was serious as my mom is religious and she never took such things seriously and never wanted to live on such money. I have a twin brother who is self-employed hard working guy earning a decent living to survive with mom. We don't have any asset but living a decent living through hardwork. My question is - Are there any chances that bank could claim from us as we are legal heirs. We don't know how much is the amount and what the money has been used for as my mom was against of going for loans and stopped him. If bank officials claim from us, what action we could take and justify ourselves.

Answers (1)

283 votes

You are given few details only.
1. What is the loan amount and bank.
If the personnel loan in a govt bank they need security for personnel loan.
2.If the personnel loan from a private bank like icici , they need not require security for personnel loan.
3.What is age of your father at the time of death?
4.What is the type of insurance policy he had? Policy status at the time of death.
5.Do you have the policy document or not?
6.Nominee mentioned in the policy or not?
7.The loan term and emi amount? many emi(monthly installment) pending?
9.Have you family received any notice from bank or not?
10.Who is the legal hair of your family?
Please share all the details through email. So I can give you better advice.
Without complete details, no one can give you good legal advice.
Have a nice day.All the best.

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