Husband died , had taken home loan in bank
sridhar
(Querist) 03 February 2017
This query is : Resolved
My cousin sister's Husband died on 30.02.2017 due cancer. He left behind his wife and 10 yrs old daughter, he has taken a home loan in central bank India. My kind question is whether the wife of deceased has to pay the remaining home loan on account of husband or any other legal remedy for the same. kindly guide me towards my query...
Thanks
Sridhar.R
ADV-JEEVAN PATIL, MUMBAI
(Expert) 03 February 2017
If husband has mortgaged loan needs to be repaid. Approach bank for waiver of interest n flexible instalments
rajeev sharma
(Expert) 03 February 2017
The loan is secured on the security of the house. If your relative wants to continue with ownership of house she will have to pay loan. It is advisable that she contact bank and find some settlement.
ADV-JEEVAN PATIL, MUMBAI
(Expert) 03 February 2017
If husband has mortgaged loan needs to be repaid. Approach bank for waiver of interest n flexible instalments
rajeev sharma
(Expert) 03 February 2017
The loan is secured on the security of the house. If your relative wants to continue with ownership of house she will have to pay loan. It is advisable that she contact bank and find some settlement.
ADV-JEEVAN PATIL, MUMBAI
(Expert) 03 February 2017
If husband has mortgaged loan needs to be repaid. Approach bank for waiver of interest n flexible instalments
rajeev sharma
(Expert) 03 February 2017
The loan is secured on the security of the house. If your relative wants to continue with ownership of house she will have to pay loan. It is advisable that she contact bank and find some settlement.
Kumar Doab
(Expert) 03 February 2017
Check with bank/BM, if policy was obtained and premiums were paid to secure such eventuality.
Lodge claim under such policy, under proper acknowledgment.
Inform death to bank,under proper acknowledgment.
Rajendra K Goyal
(Expert) 03 February 2017
Wife has to pay the loan and get the house mortgage free from Bank.
Some Banks take life insurance policy of the borrower to cover the risk, confirm from the Bank whether any such policy existed or not?
Otherwise, Bank would recover its loan by auctioning it.
Adv. Yogen Kakade
(Expert) 04 February 2017
Generally the banks gets the loan insured in case of the death of the borrower. Please check with the bank, whether any such insurance policy was taken by the borrower or not. If no, then the wife has to repay the balance installments. Check the insurance policies of the deceased.
P. Venu
(Expert) 04 February 2017
The learned experts have provided valuable suggestions which benefits not only the author but the experts as well.
Kumar Doab
(Expert) 04 February 2017
Venu Sir,
You are right.
The good and meaningful and participative discussions always lead to enrichment of one and all.
sridhar
(Querist) 06 February 2017
Dear learned friends I thank very much for your kind advice... I certainly will visit the bank along with the legal heir and seek the remedy.
Thanks one and all
Sridhar
