vansh 08 March 2018

Loan repayment

Hello, My father was a retired govt. servant and he took a loan from sbi bank on his pension to which monthly installments were being paid from his pension account. After his death we have been getting calls from the bank to pay the balance amount as installments from the pension account which has been trasferred to my mother. I would like to know our liability in this case and how should we proceed. Thanks

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4 Replies

Vijay Raj Mahajan (Advocate) 08 March 2018

Check the formalities with the bank of the repayment of the loan amount dues through the pension account now held in your mother's name.

Manu Seth 09 March 2018

yes, your mother should be liable to repay the loan amount to the extent of assets acquired upon your father's death which herein is the pension account.