|Originally posted by : Omkar Karande
||My dad had taken loan 15-20 years ago...he died in 2005...the principal amount was 22000 now it has become more than 1.5 lacs...at that time we were not capable to pay loan amount so we didn't pay...now suddenly after so many years sbi is sending us later to repay that loan amount including interest of many years...so my query is can we settle this by paying only principal amount which is 22k or need to pay total amount that is 1.5 lacs?
1. Loan was taken by Father, HENCE the Family /Legal Heirs are not bound to pay ANYTHING to Bank, AFTER 15-20 years, more so specifically since the Loan Amount /Interest claim time period is barred by law. DON'T respond to the Bank's Claim, since Bank cannot file any legal proceedings after 15 years.
Keep Smiling .... Hemant Agarwal