SEKAR XXXXX (Sr Engineer) 24 November 2014
I’m living in out of home town.. We have the jewel loan with my parent’s name.
Each and every year we will renewal the loan.
I would like to know is there any way my parents to declare my name as a Nominee in the loan.
Suppose they are not alive. I don’t want to bring my family members to claim the jewel from the loan.
It would be appreciated if you can provide the alternate solution for this matter.
Advocate Ravinder (Advocate/Attorney) 25 November 2014
Yes, you can be appointed as Nominee in the Loan account. Your parents has to give application to the Creditor (Bank) to appoint you as nominee. Apart from that you ask your parents to execute a will and get it registered saying that the gold which is hypothecated with the Bank will belong exclusively to you only and nobody has right over it.
SEKAR XXXXX (Sr Engineer) 25 November 2014
We checked with the bank.They said nominee option is not available for loan accounts.
Marimuthu (Proprietor) 26 November 2014
T. Kalaiselvan, Advocate (Advocate) 28 November 2014
There is no provision for nomination to loan accounts in bank. Since it is your parents' property, it belongs to all the successors after their demise if they die intestate, hence, the option will be to bequeath the same to a particular beneficiary(s) by executing a Will. This can be enforced in an event narrated above.
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