Unable to pay home loan as the borrower as done sucide
1 year ago
Borrower cannot pay home loan bcoz he cannot expired sucide .Wife is coborrower .now Karnataka Bank is pressuring his wife to pay the loan.Bank people have visited their flat and taken photo of the house and pressuring thee death person wife to pay loan .She is unable to pay loan as she is earing very low salary 8000.She has to look after her kids as well as her house.income is too low .Bank is pressuring to pay the home loan flat rupees 1000000 actual loan is 1400000.Bank has told to pay 1000000.Will Bank excuse the loan and free from home loan .and will wife have ownership of flat.The borrower expired two years till now.please give advice.
In such a sensitive situation, it is crucial for the wife to communicate with the bank and explain the challenging circumstances. While banks may show empathy, it is essential to note that the loan responsibility doesn't get automatically excused due to the borrower's demise. The wife, being the co-borrower, remains legally obligated to the outstanding loan. It's recommended to approach the bank to discuss the possibility of restructuring the loan, seeking a lower EMI, or exploring any available government schemes for financial relief. In some cases, banks may consider a settlement or adjustment based on the situation. However, the exact outcome will depend on the bank's policies and willingness to accommodate the widow's financial constraints. Seeking legal advice and involving a counselor or financial advisor may also be beneficial during these negotiations.
Thankyou
Normally, the borrowers life will be insured and if death happens insurance company repays the entire loan but in the about case since it was suicide as such the Bankers might be approaching his wife. Better to allow the bankers to sell the property or interest will be accumulated and his wife cannot pay such huge amount in future.
Anonymous
Replied 1 year ago
If Bank manager sends court notice can we bring stay if possible for how many years maximum can bring stay order the deceased person wife.please reply
Anonymous
Replied 1 year ago
If Bank manager sends legal court notice to vacate the house what can be done can the wife bring stay order if yes for how many years maximum period stay order can .no insurance on house or the person who expired no insurance.for how many years can we bring stay order.please advice.
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