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Loan settlement after death of borrower.
18-May-2023 (In Recovery Law)
My father took a mortgage loan in 2020 from axis Bank of ₹ 20,00,000. In 2022 February my father was diagnosed with kidney failure and he died on 24th October 2022. Now banks wants us to settle the amount in ₹18,00,000 without any interest. There is no one earning in the family right now I am also studying. Is there any possible way that if we move to civil court for lower the settlement amount. Or we should settle it with the bank without civil court.
There is no Court in India that can direct the bank to settle the loan account at any amount. You can take the matter to the higher authority of the bank. No relief can be sought from Civil Court. In case bank proceeds for taking possession of the property or in case they issue any sale notice for the property you may approach the Debts Recovery Tribunal for appropriate relief.
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Adocate Jitendra Bharali
Guwahati | 25+ Answers
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