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Does loan also gets transferred along with transfer of property
17-Jul-2023 (In Family Law)
Actually my father in law is the legal owner of our house . He had took bank loan on this property.He needs more money for personal reasons & requested us to pay him the money & for that help he will make his WILL mentioning that we will be the owner of the house as we had paid him money for his need . Now i just want to now is this legally fine ??? Secondly loan is under insurance , if in anycase my father in law lost his life than bank will not chase us as loan is under insurance ?
U have to clarify this fact from bank that in case of death of ur father, whether bank will recover loan amount from insurance company or not. Moreover money help to father is not necessary to mention in Will. It's ur choice. It will not create any distinct.
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Adv. Sandeep Kumar Bawa
Rajpura | 100+ Answers
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