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Wants to settle the amount of loan taken by my late father


18-Nov-2023 (In Banking / Finance Law)
-Father took loan 1100000(2010), security by grandmother.(2.7acre land) -Grandmother expired(2010). -In 2013 1753000 paid to bank. and 1100000 was taken on the same day(no sign of grandmother at that time as security sign). -Father expired(2017). -Total amount till 2017 with interest was 1800000. -note: Manager said to keep letter to regional manager for 1300000(OTS). Q1 -As both were died, and some amount was paid in 2013,will bank come for settlement upto 7 to 8 lakhs when we proceed through court. Q2-Will they go for auction on land? (land is having share of 5 people) market govt value 12lakhs/acre. NOTE (no others sign in bank except father and grandmother)
Answers (1)

Answer #1
695 votes
yes bank may offer one time settlement to close the loan account and for that you need legal heir certificate to take the possession of the title documents, further if you don't pay then bank will go for auction
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