I have a situation right now.
My dad passed away on Sept-2013.After that we came to know that he had 3 personal loans(all within Principal -1 L) from different banks.
Bank staffs visited our house and informed us about this.One loan was taken in 2008,other two in 2012 and 2011.We dont know the amount with interest,as we didnt encourage the conversation.We didnt recieve any legal notice or official letter from bank regarding this.But last month we got a call again from two bank asking for settling it.
Are we liable to pay it?We(including mother) inherited some property.If we have to pay ,Is it with interest or only Principal?Can banks built any case against us? Can they recover it from our inherited property?
Property was not pledged for loan.not sure if any Gurantors or cheques were involved.