Agri loan borrower dies what hapens to the loan?

Being the principal debtor, if your husband had appointed a guarantor during his lifetime to repay the loan amount, the latter will be legally bound to repay the loaned amount to the bank. However, personal liability to repay the loaned amount will lie on you if there is no guarantor. As your husband had taken a personal loan he must have mortgaged his property/land etc as assurance. The bank will simply recover the arrears of debt due to them by attaching his propert & recovering their dues from it. You are in no way legally bound to repay the debt; that is only a moral obligation. The Hindu Succession Act (Amendment, 2005) clearly mentions that no son/grandson/ great grandson can be legally proceeded against for recovery of any debts incurred by the father/grandfathe/great grandfather solely on moral grounds.

Please feel free to e-mail me at basu_kunal@hotmail.com if you have any doubts/further queries.I will be more than happy to advise you out.

Regards

Advocate Kaybee

The lender can approach legal heirs of borrower..

Discuss with village head and request the state ministers for waiver and/or some relief..

The Bank is unlikely to waive off..

IT has to mind IT's own financal health..