Looking for your guidance...
Priya Malwadkar
(Querist) 28 February 2012
This query is : Resolved
Dear Sirs,
Kindly guide me in below...
My brother-in-law n his family used to stay in London for 8-9 yrs. Before 3-4 months he came to India because of his illness, n he has died because of cancer in January. He had loan on his name(by way of credit card n personal loan), will there be any problem if his wife doesn't pay his loan??? or will there be any problem to his son(2.5 yrs old)in future?? as his son is a British citizen. But they have planned to stay in India.
Thanking you.
Priya.
sanjeev murthy desai
(Expert) 28 February 2012
If he obtained loan from Indian banks then they ll recover from his property otherwise there is no problem to any one. Pious obligation nowadays repealed in India.
If you want to inherit his properties then you should responsible for his loan. Minor son is not responsible any liability hence there is no problem for him.
Priya Malwadkar
(Querist) 28 February 2012
Many thanks for your reply.
No, he has not taken any loan from an Indian Bank. Then I guess there will not be any problem. right?
Thanks once again.
Shonee Kapoor
(Expert) 28 February 2012
The loan taken by him would be recovered from the properties he has, if any, before the same properties are passed onto his heirs.
However, if there are no properties, then the same loan is not recoverable.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
Priya Malwadkar
(Querist) 28 February 2012
Sir, UK also has same law for this?
V R SHROFF
(Expert) 28 February 2012
Bank ill try to recover from any movable/ immovable property or other investment. & from legal heirs.
Raj Kumar Makkad
(Expert) 28 February 2012
Much has already been opined leaving no scope to add more.
prabhakar singh
(Expert) 29 February 2012
If the man has left some property behind him then the loan shall be recovered from that properties but simultaneously you and the child also have right of maintenance to be charged over those properties although right of inheritance can not be claimed over the properties unless some surplus is left after discharge of debt.
BUT THERE IS NO PERSONAL LIABILITY UPON ANY ONE OF YOU.
