Mr
3 years ago
Bread-winner in the family passed away due to covid-19. Wife home maker, 5 years old son and 62 years old mother are dependent. No other income. He has a homeloan from CanFin of Rs.40 lacs. Monthly EMI 38000/-. Four years continuously emi paid. Is there any way to get the family out of this huge liability given that bread-winner passed away. Family and property at Bangalore.
A.Dear Sir,
Normally the borrower will be insured at the time of advancing loan and the insurance company will pay of such loan amount. Please stay with such contention if bank files any case against legal heirs.
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Normally the borrower will be insured at the time of advancing loan and the insurance company will pay of such loan amount. Please stay with such contention if bank files any case against legal heirs.
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Ayantika Mondal @ Prime Legal
Responded 3 years ago
A.Hi,
Will need to examine the loan documents, if there is a clause that the loan was insured then the liability for repayment of loan can be escaped.
Will need to examine the loan documents, if there is a clause that the loan was insured then the liability for repayment of loan can be escaped.
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A.Hi,
Will need to examine the loan documents, if there is a clause that the loan was insured then the liability for repayment of loan can be escaped.
Will need to examine the loan documents, if there is a clause that the loan was insured then the liability for repayment of loan can be escaped.
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Suneel Moudgil
Responded 3 years ago
A.1. the only option is to settle the matter with the lending company (CanFin),
2. you can wait till they declare the home loan as NPA and can offer OTS (one time settlement) to clear the matter,
3. also check whether the loan was insured or not?
2. you can wait till they declare the home loan as NPA and can offer OTS (one time settlement) to clear the matter,
3. also check whether the loan was insured or not?
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NITHYANANDAN SUNDARESAN
Responded 3 years ago
A.Dear Client, Consult an Insolvency lawyer or Banking lawyer Regarding this. Try to close the account and settle immediately as possible. Usually the Witnesses or person who signed on his behalf have a debt. Please try to close and become debt free.
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