Axis bank vs personal unsecured loan
Pratik
(Querist) 10 March 2016
This query is : Resolved
Good afternoon sir Sir my father borrow a loan of 500000/- on janauary 2015 He was govt servent and in month of november he died In the agreement theare is no co signer or co applicant and bone of guarantor there is no prperty which my father had given to bank as assuarance Sir iam a student what should i do We dont hav any other prperty on name of my father We live in rented house And no capacity to pay outstanding of 450000/- I have agreement copy and there is nothing stated that of co applicant co signer and any guarantor Plus my father had not given any mortgage to bank he was kidney patient And on dialysis and we also dont know about loan till november So sir wat should we do
P. Venu
(Expert) 11 March 2016
Your liability in clearing the late father's debt is restricted to the estate inherited from the deceased. The death benefits received from the Government or the family pension is not part of such estate.
However, the bank can realise the amount from the sureties, if any. If so, you have a moral responsibility towards them.
