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Bank claiming their dues from Chidlren of borrower


03-May-2024 (In Recovery Law)
I was 14 years old when my parents took loan by mortgaging their property. They defaulted and the property was sold at auction, but still my parents owe 50 lakhs rupees to the bank. The bank is not coming to us for recovery for last 6 months now. I am their youngest son, I never signed anywhere as co-applicant for recovering my parent's loan. Will the bank come to me for recovering money in future after my parents' passing away when I have my own property and assets? Am I in danger in anyway?
Answers (2)

Answer #1
920 votes
The bank has right of recovery on the property that you inherit from your parents and not on your self acquired property. You don’t have any danger on your self acquired property nor are you liable to repay the loan. However the bank can recover the dues by selling the property which you have inherited from your parents
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Advocate Abhishek Dutt

Adv. Abhishek Dutt

LawRato Kolkata | 5+ Answers
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Answer #2
581 votes
Sir, If the loan was taken by your parents and you are neither the co- borrower or the guaranter in the said loan, then the bank cannot harass you in that case. Moreover, it will be better if the loan documents can be perused to give you the best possible solution. You can obtain a 144 at your place of residence so that the bank does not harass you further. Regards, Yashashwi
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Advocate Yashashwi Sundariya

Adv. Yashashwi Sundariya

LawRatoKolkata | 50+ Answers
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