quesLoan of father. Now money to repay. What to do?

My father passed away in may 2013. He had taken money for work from a bank against mortgage of our house. I am his eldest son 27 years old currently unemployed. The loan is of 20 lakhs. I am in not in a position to pay it back right now. So how should i approach this situation legally?

  • ansBank will issue a notice to all the legal heirs of the deceased to clear the dues and if no legal heir is volunteering to clear the loan then the bank, after publishing a Public Notice in leading newspapers, would auction the property and the proceeds would be set off against the outstanding loan amount and if any excess money is still left with the bank, the same would be distributed equally to all legal heirs, subject to production of Legal heirs' Survivor-ship certificate from revenue authorities or certified family tree and an affidavit from all legal heirs to that effect.

  • Send a legal notice for recovery of dues @ Rs. 1999/- only

    Know More
  • Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at LawRato.com and has been responded by one of the Recovery Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or book a Detailed Consultation with a Lawyer of your choice to address your query in detail.
Consult best Recovery lawyers in India

Similar questions

I lost my job and was not paying credit card bills from 3 banks around…

I gave a person Rs 1,50,000 for his business 2 years back.. he neither gave…

One of my friends has borrowed about 5.5 lakhs from me to help her family…

Dear Sir, I have paid 4 lakhs to friend by account payee cheque (he is…

Recovery Lawyers in India

Advocate Prashant Mendiratta

  Lajpat Nagar 4
 Experience: 24 years

Advocate Prabhjit Jauhar

  Connaught Place
 Experience: 20 years

Advocate Jaspreet Singh Rai

  Greater Kailash 1
 Experience: 14 years

Advocate Harish Malhotra

  District Court
 Experience: 19 years

View all >>

Quick Consult

Get 15 Minutes of Expert Legal Advice on Phone right now

Ask a Free Question

Post a Question online and get free advice from multiple lawyers by email

Find a Lawyer

Easily find and book private consults with top lawyers in India

Get Fee Estimate

Receive multiple quotations for your legal requirement instantly