Loan recovery?
Madhu
(Querist) 14 March 2017
This query is : Resolved
Hi dear expertise,
Have one question
1) if loan applicant and shurity persons both dies,
A) in such cases how bank will recovery the loan
B)who will be the responsible for the the rest of emi?
Can anyone please explain.
Thanks
Madhu
9591288308
Ms.Usha Kapoor
(Expert) 15 March 2017
STATE FULL FACTS.ACADEMIC QUERY.NO REPLY.
Adv. Yogen Kakade
(Expert) 15 March 2017
The repayment of the bank loan is a civil liability.. it has to be recovered by disposing the property or through the successors.
Kumar Doab
(Expert) 15 March 2017
You have not confirmed which loan is it!
The lender can recover from estate of the deceased borrower.
Show the loan agreement to local counsel specializing in such/civil/banking matters.
ADV-JEEVAN PATIL, MUMBAI
(Expert) 15 March 2017
Recovery can be made obtaining attachment of deceased property if not sufficient then of surity
Rajendra K Goyal
(Expert) 15 March 2017
Academic query.
State material facts of the problem if any.
How are you concerned / related with the query?
Looks like examination question.
R.K Nanda
(Expert) 15 March 2017
academic query.
rajeev sharma
(Expert) 15 March 2017
The charge of the bank is on the property. It will first realize the loan from the property.If anything remains it will proceed against other properties of the deceased person and the person who succeeded the property will be liable to the extent of the value of property.
2. No successor is personally liable to pay EMI of loan. But the successor who want to own the house should contact the house along with succession certificate. The bank having taken the repayment capacity of the successor in consideration may agree to transfer the loan in favour of successor.
Dr J C Vashista
(Expert) 17 March 2017
I agree with experts, the charge is on the property and LRs of deceased borrower (principal borrower) shall be liable to repay from the estate.
The LRs of deceased guarantor shall also be equally liable from his (guarantor's) estate.
Sudhir Kumar, Advocate
(Expert) 15 March 2017
