Suppose a person above 60 yrs have 05 legal heirs,viz.A,B,C,D,E.The person applied for a loan to Bank,with A & B as coborrowers.The bank has a circular in which it is written that the person above 60 yrs need a major co borrower.The person submit the Notarial affidavit to Bank stating that after the death of the person as per the WILL the A & B will be the absolute owner of the property.
The affidavit is legally valid?Is it true that after the demise of the person A & B would be the absolute owner of his property?Who would be be liable for repaying the loan after the death of the person?The scanned copy of the affidavit is enclosed herewith.
01 September 2012
Sir, A & B will be liable to pay the loan-amount as they are the legal-heirs, co-borrowers along with father and also they specifically become the owner of the property as per the " will" so the owner are liable to bear the payment of loan amount. The specific affidavit is also executed by the father of A & B. so it is clear that they have to indemnify the loan payment.