Sbi loan

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
VISIT: www.chshelpforum.com

Whether some property was mortgaged with SBI for the said loan ?

It all depends on property offered as security and assets standing in his name and documents executed by your father.  Apart from all this, the negotiating skills with Bank.  Try to negotiate and the bank may accept for Rs.45,000/- maximum if there are no other securities offered (Personal security alone without mortgages)

The Bank can claim the dues of your father only from his estate it has no claim on his heirs if they have not partaken in his properties. However if any of the heirs have stood guarantee it will be his responsibility. Further if the Bank has not started any legal proceedings to collect the dues, and if any of the heirs have not committed in writing, then Law of Limitations will apply. 9

The real question is whether the recovery is barred by limitation. Facts posted are insufficient to offer any meaningful suggestion.