Regarding the property pledge in a private finance company
27-Jul-2023 (In Consumer Court Law)
My father pledged a house(4lakhs) in finance company(2016)and he expired in 2017(he paid 5 Deus as 13380 RS ) I didn't receive any notice from the company. when we voluntarily went to ask about the loan, they are asking 7lakhs to pay.ow I want to know about the insurance and the remaining procedure to release the house from the company with minimum amount.
In this case, first you check any Loan Protection Insurance taken by your father. If the borrower dies, the home loan gets transferred to either the co-applicant or to the legal heirs. The pending home loan dues would have to be cleared by the existing family members despite of the loss of income that the family suffers. If not, the bank has the right to sell the property and recover its money and you can check any Loan Protection Insurance taken by your father. I have a vast practice in that area you can seek my assistance in your matter.
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