Mortgaged property
Saikat Sen
(Querist) 04 September 2012
This query is : Resolved
Rambabu has 3 sons & his age is 72 yrs.Bank gives him a loan along with a son as co borrower.He mortgaged his house to bank.After his demise who will be liable to pay the loan?All the 3 sons & wife or only the son who is in the loan?Can Bank acquire the property after the loan become NPA.Is there is a chance that other legal heirs(2 sons & wife) can file a suit against bank to get stay from acquiring the property?
Pls reply?
ajay sethi
(Expert) 04 September 2012
bank will seek to recover the loan from co borrower . if he does not pay bank can receover the laon amount from his legal heirs to extent they have inherited his property
malipeddi jaggarao
(Expert) 08 September 2012
son as co-borrower, and all other legal heirs are liable for repayment of bank's loan. The co-borrower is liable for full repayment whereas the legal heirs are liable to the extent of their respective shares in the inherited property.
2) Yes, bank can acquire the property after the loan becomes NPA after recalling the advance by serving recall notice to the co-borrower and legal heirs of the deceased borrower. If they do not respond, it can initiate action under SARFAESI Act by serving notice again and after giving 60 days time, it can take possession of the property and sell the same without interefence of court.
3)Normally court will not grant stay in such cases.
