repayment of housing loan

Querist : Anonymous (Querist) 17 June 2010 This query is : Resolved
sir,
if a person repaying homeloans dies in between leaving no member capable of paying back leftover emi---what will be the follw up action.
kindly explain

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Devajyoti Barman (Expert) 17 June 2010
The Bank can attach the property and sell it by auction.

adv. rajeev ( rajoo ) (Expert) 18 June 2010
property will be get attached and sit will be sold in auction.
Because always banks creates charge over the property.

mahendrakumar (Expert) 18 June 2010
now a days many of such loans are insured to a certain extent or full.

in such cases,in case of premature death,no amount is payable by the surviving family members.

as such,it is better to avail loans with insurance cover.