Hi Seniors, I'm in big trouble. Please help me. My colleague's father has committed suicide. He took a loan for a home and also had an insurance policy. However, it's been two months now, and the insurance company is not allowing the policy money due to it being a suicide case. Additionally, the bank (which provided the home loan) is insisting on monthly installments. As only one child is earning, the bank representatives are threatening to pledge the property if the installments are not paid.
Please empathize with the situation and help in any way you can. Is there any way to assist them?
From India, Chandigarh
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Please empathize with the situation and help in any way you can. Is there any way to assist them?
From India, Chandigarh
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In this context, I say as follows:
1. Is your colleague the only son of his father?
2. If NO, then all legal heirs (including married sisters) of his deceased father are liable for the loan.
3. If your answer is YES, then you can propose to the Banker as follows:
- Request the Banker to transfer the entire loan in his name with new repayment terms if he is financially sound enough to repay it.
- This does incur some expenses towards registration as well as for Bank procedures.
- If he is not financially sound enough and he is the only legal heir, then he may propose or help the Banker to find a prospective buyer, so that he can reduce his liability to a certain extent. Normally, when the Banker advertises for the sale of property, it fetches much fewer sales proceeds and increases the liability to legal heir/s.
Please remember, there is no other way. All legal heirs have to repay the Bank loan.
From India, Halol
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361. Is your colleague the only son of his father?
2. If NO, then all legal heirs (including married sisters) of his deceased father are liable for the loan.
3. If your answer is YES, then you can propose to the Banker as follows:
- Request the Banker to transfer the entire loan in his name with new repayment terms if he is financially sound enough to repay it.
- This does incur some expenses towards registration as well as for Bank procedures.
- If he is not financially sound enough and he is the only legal heir, then he may propose or help the Banker to find a prospective buyer, so that he can reduce his liability to a certain extent. Normally, when the Banker advertises for the sale of property, it fetches much fewer sales proceeds and increases the liability to legal heir/s.
Please remember, there is no other way. All legal heirs have to repay the Bank loan.
From India, Halol
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