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Mandatory Insurance for loan from Nationalised Bank for Sheep Breeding
18-Dec-2023 (In Banking / Finance Law)
A person has taken loan of Rs.40 Lakhs from a nationalised bank for construction of shed and other facilities for Sheep Breeding on his agricultural farm land. He has expired unexpectedly due to a heart attack owing to his failure in the above occupation. The family members do not have any other property or source of income from the above mentioned farm land.
In such a case, should the bank have insisted and taken mandatory insurance to cover the above-mentioned possible loss? If no, what are the other possible means to aid the family to come out of the loan obligation?
Dear client good evening
I have got this query on this that person had taken loan right but construction started or not we don't know if business are running then why they worry.
if not there is a chance but simple not in this way you have to meet legal counsel.
I have got this query on this that person had taken loan right but construction started or not we don't know if business are running then why they worry.
if not there is a chance but simple not in this way you have to meet legal counsel.
Helpful?
Adv. Nataraja KS
Shimoga | 200+ Answers
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