srinivasarao 10 December 2015

Loan borrower is died

Hi,

My elder brother was doing a business and took 30 lakhs business loan from SBH. He submitted a house papers for security and that house is belongs to my mother, she is 70 years old depending on the house. Recently he (my elder brother) died due to health issue and business loss. After that I paid 17 lakhs, but still 13 lakhs pending to pay. The bank is adding interest in every month. Is there any way to come out of the situation as we he are not in a position to pay the rest of the amount and at the same time we are not ready to loose the house. I am from Andhra Pradesh state.

Thanks, Srinivasa Rao

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Srinivasa Rao Yaramati (advocate) 10 December 2015

bankers go for oction the securities what ever your elder briother given during the time of loan approval up to their loand amount satisfied. if a borrower died his legal heires has to discharge his debts if legal heires succed any properties form borrower not form the self accuired properties. better to talk with bankers and go for singile settilemnt of payment.