personal loan

Querist : Anonymous (Querist) 07 January 2011 This query is : Resolved
hello,sir this is raju frm hyderabad.my father who retired as a subinspector of police in 2007.my query is.. he has taken 1.5 lakhs of personal loan from canara bank in 2003. he expired in 2007 without paying the loan. the bank has given a legal notice ti his wife and family to pay the remaining amount. my father did not tell anything about that loan. 2 days back we recieved that notice. we r not able to pay that remaining amount. we dont know that how should we proceed.. and we want ti know that there will be any specific period to pay the personal loan. please advise me..

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Amit Minocha (Expert) 07 January 2011
you are only liable if you have inherited any assets of your father and that to the maximum value of loan amt or the value of inheritance which ever is less.

adv. rajeev ( rajoo ) (Expert) 07 January 2011
Being a legal heirs of your deceased father you and your mother are bound repay the bank's debt. You cannot avoid it.

N.K.Assumi (Expert) 07 January 2011
The civil procedure code very clear on this score as stated by Rajeev.

Parthasarathi Loganathan (Expert) 07 January 2011
If there is regular source of income, you can repay the said loan in terms of EMI after negotiating with the bank for a compromise settlement by offering a collateral security. Even OTS option could be explored. Banks generally co-operate while recovering debts from legal heirs of deceased.

A V Vishal (Expert) 07 January 2011
Morally you are required to pay the loan, legally the loan is barred by limitation based on the facts stated by you.

Advocate Bhartesh goyal (Expert) 08 January 2011
Legal heirs are bound by law to repay the loan taken by their deceased, but in your case it seems that loan is time barred.please go through the Bank statement of your deceased father.

Ajay Bansal (Expert) 08 January 2011
Agreed with Amit Minocha.

Advocate. Arunagiri (Expert) 08 January 2011
I also agree with Mr.Amit.

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