About mortgage loam


my father passed away.. then I m liable to pay my father's mortgage loan or not ?? if I m ineligible for pay amount of loan then bank auction home or not ? bank is force to me pay the loan amount. please suggest this matter.
 
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U have any brothers and sisters and mother.and also grand mother
 
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I have 1 sister and mother.
 
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Founder

yes!!! u have to pay the loan. since u r claiming to be the legal of the deceased person! then all the legal heirs are liable to pay the loan and get the property.
 
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then what about it Indian succussion act 2005. in this act written to son is not liable for any debt of father. its a confused.
 
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Founder

As you quoated Indian Succession act is 1925., where as the Hindu succession act with amentment 2005. given below 

"Hindu Succession Act, 2005 has finally abolished the doctrine of son’s pious obligation and now the son cannot be made to discharge the debts of his father solely on the basis of his religious obligation. Thus now the liability of the children to discharge debts of their father extends only to the extent of the assets inherited by them. The children cannot be made to pay the debts out of their personal assets."

as per the above said Law, the liablity of the son is restricted to the value of property which he Inherits.

 
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Thanks for suggest.. and last question. I m not eligible for pay loan than court is permit to bank auction home or not ?.
 
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Founder

Your are most welcome !!

 If loan taken is one of Housing Loan and if covered under insurance policy, then it is sufficient that you intimate the demise of your father along with the documents like death certificate, Legal heir certificate etc. .The onous responsiblity will lie on the insurers to settle the housing loan that is outstanding. As such, there is no  liablity on your part.

If the loan taken does not fall under the above category, then the bank is entitled to take legal action for the recovery of  the outstanding due to them.

 
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