What happens to personal loan if a person dies

In Recovery Law
My dad had a loan few years back and its in written off status in cibil. dad expired few days back and now People from bank are calling up saying we have to pay the money. we were not aware that he had a loan. what needs to be done. im not in a position to pay any money.

Answers (2)

189 votes

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.

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245 votes

I advise you to meet the bank officials and figure out what is the situation regarding the loan and if it is still active. You will need to obtain the documents and then consult a lawyer. Please do not delay it.

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