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For bank loan
1 month ago
My father is a government employee who took a personal loan from the bank and now after his death the bank is torturing the family to repay the loan. Will we have to repay the loan or not?
A.Dear Client,
According to law of inheritance, you are legally obligated to repay the loan amount taken by your father. It is based on the premise that, if you are entitled to the assets of your father through inheritance, then you will also be required to pay his debts and fulfill the obligations. The law provides that the legal heirs will be liable to pay only such portion of debt amount which is proportional to the assets inherited by them. However, you will not be personally liable to it, unless you are a co-borrower or surety to the loan amount. You can pay the loan amount through the proceeds of your father's estate or the creditors will eventually proceed to claim the amount from the assets of your father. If required, you can consult an advocate for assistance.
Hope it helps.
Thank you.
According to law of inheritance, you are legally obligated to repay the loan amount taken by your father. It is based on the premise that, if you are entitled to the assets of your father through inheritance, then you will also be required to pay his debts and fulfill the obligations. The law provides that the legal heirs will be liable to pay only such portion of debt amount which is proportional to the assets inherited by them. However, you will not be personally liable to it, unless you are a co-borrower or surety to the loan amount. You can pay the loan amount through the proceeds of your father's estate or the creditors will eventually proceed to claim the amount from the assets of your father. If required, you can consult an advocate for assistance.
Hope it helps.
Thank you.
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A.Dear Client,
the loan amount must be repaid by the legal heirs of the deceased or the nominee by the deceased if the assets would be frozen by the bank. there is no other legal remedy to non payment
the loan amount must be repaid by the legal heirs of the deceased or the nominee by the deceased if the assets would be frozen by the bank. there is no other legal remedy to non payment
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