Shadab Jahan (Center head) 03 December 2013

Hello sir would you help us in home loan dispute

Dear Sir,

Before 5 years my uncle take a home loan from Gruh finance Ltd and he is no more now his death was commence on 12th September 2013 and he is taking loan on 23 November 2007. He is a defaulter from 2 years and he is not paying his home loan on time a notification from collectorate is also coming but he is not attending that because he was ill before his death only before 2 days from the death. My Aunty who is not working doesnt pay his home loan more and gruh finance told us that he is having an insurance policy by which bank pay us 430000 and remaining 2 lacs also you have to pay. because he is defaulter since 2 years . and if you are not paying this 2 lacs we are not forwarding your documents to the banks for insurance approval. what we have to do and they also not giving us any statement of the loan

Please help Us asap

Thanks & Regards

Shadab Jahan

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3 Replies

RAJAMANICKAM RAJENDRAN (ADVOCATE) 03 December 2013

Dear Sir

The case is not clear. Please mention the name of the Bank and Insurance Company and Policy details.

Whether the loan was granted in the individual name or joint names ?

You may contact me over my email ID : rr011800@gmail.com or call me at 040 27600101 or reach me at : Cell No.09989348891

R.Rajendran

Advocate

BAALASUBRAMANNYAMM (Advocate) 03 December 2013

While taking a housing loan, every bank has taken an Insurance Policy, in favour of the "Lonee" and that the bank has deducted a lumpsum(single premium) amount towards insurance. In case of death of the "Lonee", the bank will re-collect the balance amount from the Insurance Company, which was happened in your case. One more thing here you to have observe, that the non payment of arrears amount for the period of 2 years in your case, the insurance company would not be liable to pay. Hence the bank is rightly asking you to pay only the arrears amount of 2 lakhs for the period of 2 months.

Kumar Doab (FIN) 05 December 2013

Ideally or principally or morally the borrowed amounts should be paid by the family.

If the spouse or legal heirs are not co- obligator, guarantor, co applicant in the loan they are not liable to pay.

The legal heir of the deceased may be in need of the house that was pledged for home loan.

The lender can proceed to recover from the estate of the deceased.

Being a home loan it should be a secured debt and lender can proceed against the property secured for loan.

You may negotiate with lender and lender may agree to settle and waive off amounts of interest and issue FNF settlement, NOC and documents of property.

However negotiate everything on paper and obtain the agreed T&C in writing from lender.

It shall be appropriate to involve a seasoned lawyer.

Your lawyer may advice to submit the death certificate and claim that death of borrower has already been informed on dated...............