Validity of guarantor if the loan taker dies

Querist : Anonymous (Querist) 16 June 2019 This query is : Resolved
i was a guarantor of a mortgage loan (The propert owner) But the loan taker (My Mother ) dies without repaying the MSME loan issued.
after the expiry of the Loan taker what is the liability of the guarantor

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R.K Nanda (Expert) 16 June 2019
Guarantor liability is same as that of loan taker.

kavksatyanarayana (Expert) 16 June 2019
Dear querist, as a Guarantor and as a legal heir of your mother you have to repay the loan amount.

SHIRISH PAWAR, 7738990900 (Expert) 17 June 2019
Guarantor is liable to pay the outstanding amount. Bank may also try to recover the outstanding by attaching your mortgaged property.

krishna mohan (Expert) 17 June 2019
Guarantor has the same responsibility and personal liability to repay the loan. Moreover when the legal heir takes over all Asset need to take over the liabilities as well.

Dr J C Vashista (Expert) 17 June 2019
Both (borrower as well as guarantor) are equally liable to repay the amount.

Sudhir Kumar, Advocate (Expert) 18 June 2019
guarantor has to pay.

he can get title to mortgaged property after he pays.

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