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What happens to personal loan if a person dies
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If your father had borrowed loan from a bank duly executing the loan documents, then such a loan becomes a liability on the borrower, sureties and after his death upon the legal heirs. Status in CIBIL is not a criteria for non-repayment of loan. It has to be seen if it has been secured by mortgage of immovable or hypothecation of movable properties. In such instances these properties are liable to be auctioned for recovery of loan arrears, if not repaid by you or other heirs.
Raghavendra Rao B.K.
3.9| 10+ user ratings
Malleshwaram,
Bangalore
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