Repayment of bank loan

NAVEEN KUMAR (Querist) 11 August 2013 This query is : Resolved
what happens to the personal loan in case of death of the borrower and whether it will be recovered from the legal heirs. Is there any rule or section that the legal heirs has to repay the pending loan amount. Please clarify the above issue

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Devajyoti Barman (Expert) 11 August 2013
Personal loan can not be recovered from the legal heirs of the borrower.

Son's pious obligation to repay the debts of his father is more in force.

Raj Kumar Makkad (Expert) 11 August 2013
Legal heirs who succeeded the personal properties of deceased borrowers are liable to pay as per agreement executed between borrower and borrowed.

Rajendra K Goyal (Expert) 12 August 2013
Repeated query:

http://www.lawyersclubindia.com/experts/Regarding-bank-loan-414686.asp#.Ughd2z-Lq_I

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