Exclusive HOLI Discounts!
Get Courses and Combos at Upto 50% OFF!
Upgrad
LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

InSearchJustice   07 July 2018

Home loan repayment of deceased parents

Respectfully, The facts are as under: 1. A home loan of ₹20 lacs borrowed by mother and her son as co-borrower to purchase a flat in a nearby city. 2. Parents�s earlier Village property was not kept as security for above mentioned home loan. 3. Mother died in road accident and son lost his job to repay the loan. 4. The bank recover the flat and sale it for just ₹13 lacs in auction. 5. Bank has sent notice to son for repaying the pending home loan otherwise the Village property will be possessed and auctioned for the same. 6. Village property still not transferred in son�s name. Queries: 1. Can Bank possess the untitled property of son? 2. What is the advice to depresed son to save his only home. Regards


Learning

 3 Replies

Adv Deepak Joshi +917017821512 (Advocate)     07 July 2018

If the village property is mortgage then bank cannot directly sell it.

But bank can recover is legal dues from the legal heir and their properties.

You can raise complain against bank that how come a house whose value is 20 lac was sold in 13 lac.

Does bank has not issued any term plan policy in name of borrower.

Feel free to cal me for any help 9456777600.

 

 

P. Venu (Advocate)     07 July 2018

The facts, as stated, are incomplete. Who are the legal heirs of the mother? Did the village property belong to the mother?

InSearchJustice   07 July 2018

The village property belong to mother and she has left her will in the name of her only son. The mother�s property has not been transferred in the name of son yet.

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register