Upgrad LLM

death of main borrower? consequences?

Advocate

That Mr. Pradip and Nitin (Both are Brothers) had taken loan from one co-operative bank in the last year by mortgaging their pvt. immovable property to the bank, the term of loan is 10 years. That Loan repayment  is regular. But unfortunately in last month Mr. Pradip passed away and now his properties were transferred to his legal heirs. 

Now bank insisting to close the Loan by full repayment of loan.

That legal heirs of deacesed and co-borrower Mr. Nitin are ready to repay the loan as per loan scheduled. and they had executed on agreement thereby confirming their liability to repay the loan. They are also confirmed the charge of loan over the mortgaged property.

but the Bank is not ready that they told the borrower that on the death of the any borrower the loan must be closed as per the legal provisions.

So kindly guide us alongwith the necessory legal provisions applicable to present issue.

 
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lawyer

make an applicatio to another bank for loan . use the funds received to repay loan from the cooperative bank .

 
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Advocate&consultant

Dear Mane,

The Bank can not say like that.Please issue a notice to them , calling them  to accept your praposal, proceed further.Otherwise , it is against the principles of natural justice.If need, file a suit for paermamnent injunction against the bank, not to alieanate the property , as it is against the law.

srishaila,advocate,9741425514,sdharani120@gmail.com,bangalore

 
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When the lgal heirs of the deceased borrower and the coborrower are  ready to pay off the loan, the bank should accept the same to be on safe side. I think the borrwer and the legal heirs should approach the controlling authorities since the branch managers do not take any decision and they always depend upon the controlling authority.

The coborrwer and the LRs of the deceased borrower may approach the controlling authority for a solution. 

 
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