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ADADADADADAD (Engineer)     06 September 2014

Recovery of a deceased persons's loan

Hi,

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.



Learning

 1 Replies

Kumar Doab (FIN)     06 September 2014

Wife is not liable to pay debt of husband.

Son is not liable to pay debt of  father.

Recovery can not be enforced on phone.If you wish you can instruct anyone to not to call on phone and send letter on letterhead under original seal and signature thru registered post only.

The debt can be recovered from estate of the deceased, for that bank shall have to approach court of law.

Debt includes principle+pledged interest.

Bank is under obligation to provide Brochure of Loan offer, loan application, loan approval letter, loan agreement, loan a/c statement......................

Approach local lawyer and proceed under expert advice of your lawyer.


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