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Regarding Recovery of personal loan by my deceased father
13-May-2023 (In Recovery Law)
Sir
My name is akashdeep. And i got ur email on google web search..Â
Sir my father was died on 5/2/2016 and i dont know about personal loan taken by my father .. he was on government job and i got job of group d staff on the compassionate ground ..
Recently my DDO told me that manager of bank called and informed him about the personal loan and he said Recovery will be given by me..My questions is why should i pay the recovery amount even i had not taken anything or i didnt agreed to pay that huge amount of 1.70 lakh.. even i have my own living expenses.. wife and i am living on rented house even i am going to be parent soon..Â
Please advice me what should i do !
Thanks in advance
As you are the legal heir of your father snd has inherited the propertiesbof your father afte his death. Bank has the right to recover the loan amount from you. The fact of concern is did you have recieved any kind of deman notice of the personal amount from your bank at the address where your father was living by your name? You can prepare the evidence if you are sure that your father cannot take such amount from bank.
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Adv. Shivam Sood
Ludhiana | 200+ Answers
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How can the loan be recovered after death of principal borrower?
How can lenders recover personal loans after the death of a borrowers? The legal heirs of the deceased are liable for repayment of the loan to the lender to the extent that they receive the Estate of the deceased.
Can loan be recovered from legal heirs?
If the loan is secured
After the death of the borrower, the lender will approach the legal heir in order to recover the amount owed. The lender may auction the pledged asset if the legal heir does not repay the outstanding amount. 7 Sept 2023
What happens when primary borrower dies?
The mortgage continues to exist after the borrower's death, but, unless there is either a cosigner or a spouse who survives, no heirs of the deceased are responsible for the mortgage. 14 Nov 2023
What happens to loans when a borrower dies?
The lender cant demand repayments from the borrower’s family if the borrower dies. In this case, the lender is likely to take the loss and write the loan off as a NPA (non performing asset). Remember that this is for a personal loan instant without security or collateral. 31 Aug 2023
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