Hi Seniors, I m in a big trouble ..plzz help me.. my coleage,s father has been suicided ..his father took loan for home and also had a insurance policy ...but now two months gone .. company is not allowing for policy money as it is suicide case... and also Bank (home loan ) is insisting for monthly installments ..but only one child is earning and bank peaople are saying the will pledge the property if installment not given .... plz feel the pain ...help how can they be helped .... Is there any way to help them ??????
From India, Chandigarh
From India, Chandigarh
Dear,
In this context I say as under.
1. Is ur colleague is the only son of his father?
2. If NO then all legal heirs (including married sisters) of his deceased father are liable for loan.
3. If ur answer is YES then you can propose Banker as under.
a. Request Banker to transfer entire loan in his name with new repayment terms if he is financially sound enough to repay it.
b. It does attract some expenses towards registration as well as for Bank procedure.
c. If he is not financially sound enough and he is the only legal heir then he may propose/help the Banker to find prospective buyer so that he can reduce his liability to certain extend. Normally when Banker advertises for sale of property it fetches much less sales proceeds and it increases the liability to legal heir/s.
Pl remember there is no other way. All legal heirs have to repay Bank loan.
From India, Halol
34In this context I say as under.
1. Is ur colleague is the only son of his father?
2. If NO then all legal heirs (including married sisters) of his deceased father are liable for loan.
3. If ur answer is YES then you can propose Banker as under.
a. Request Banker to transfer entire loan in his name with new repayment terms if he is financially sound enough to repay it.
b. It does attract some expenses towards registration as well as for Bank procedure.
c. If he is not financially sound enough and he is the only legal heir then he may propose/help the Banker to find prospective buyer so that he can reduce his liability to certain extend. Normally when Banker advertises for sale of property it fetches much less sales proceeds and it increases the liability to legal heir/s.
Pl remember there is no other way. All legal heirs have to repay Bank loan.
From India, Halol
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