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SiSa   30 May 2017

Who all will be legal heirs?

I am from a Hindu family

Person A and Person B (real brothers) bought a residential property on Loan.

Person A and B both are married and has a Minor daughter’s.

Person B dies before completion of Home Loan. Home Loan is completely paid by Person A.

Bank is asking for death certificate and Indemnity bond signed by all legal heirs of Person B for handing over the Property papers to Person A.

 

Query:

Who all will be legal heirs?



Learning

 8 Replies

Kumar Doab (FIN)     30 May 2017

Why Bank wants to handover the property papers to A?

Kumar Doab (FIN)     30 May 2017

Class I legal heirs of deceased Hindu Male have 1st right i.e: Mother (if alive on date of death), Wife (if alive on date of death), sons, daughters………….

Obtain death certificate, Legal heir certificate (usually O/o Tehsildar issues it).

Kumar Doab (FIN)     30 May 2017

Obtain authenticated copies of Loan brochure, loan application, loan approval, loan agreement ,copy of docs submitted, loan statements till last month…………………from bank.

Kumar Doab (FIN)     30 May 2017

Usually an insurance policy is arranged by Bank to cover death of borowwer and thus debt.

The premium is collected from  borrower(s).

Obtain this information and copy also.

 

1 Like

Kumar Doab (FIN)     30 May 2017

It is felt that death should be informed under proper acknowledgment to bank.

 

SiSa   30 May 2017

As Loan has been paid in full, property papers need to be collected from the bank.

Banked has asked all to borowers to come in person or in case one of the person is not available then authorization letter need to be provided. In my case as co-borowere in no more,Bank is asking for death certificate and Indemnity bond signed by all legal heirs of Person B for handing over the Property papers to Person A.

My Query: Who all will be legal heirs? (wife / wife and minor daugher ). Need this information as need to arrange papers to collect property papers from Bank.
 

Kumar Doab (FIN)     30 May 2017

As already posted: Mother of deceased (if alive on date of death), Wife of deceased  (if alive on date of death), all sons, all daughters………….are ClassI legal heirs.

 

Bank may accept, per procedure/rules/laws, Mother of daughter of deceased since daughter is minor and mother is natural guardian......................

Kumar Doab (FIN)     31 May 2017

Bank is probably calling : Mother of deceased (if alive on date of death), Wife of deceased..........

 


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