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Q. Home loan

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Anonymous

posted 3 weeks ago

Q.Home loan
My mother take a loan from society.She ws a kidney patient.But 18000rs per month she payed to the society.. from the 12000 salaried job of her...She died on july 12th 2018 ..my dad ws also a heart patient.. He also died this month aug2 .Am a single daughter but married and hav a 9 month baby.Am not working.. How i repay the amount.. It was 10lakhs..When she ws on treatment she decided to setup my marriage so tht we take loan.. After 6 months ofmy marriage she died..I want to know about any chance to decrease the loan amount or any insurance we get tht th person who take the loan ws died already.

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Suneel Moudgil

Experience: 15 Year(s)

Responded 3 weeks ago

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A. ) a person (legal heir) claiming property of the deceased person is liable to clear his/her debts,
if you are getting any property, try to settle the loan amount with the bank to avoid any complications,

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Abhimanyu Shandilya

Experience: 14 Year(s)

Responded 3 weeks ago

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A. ) If the loan was covered under any insurance then you do not have to worry and the insurance company is supposed to pay the loan amount outstanding.
If it was not covered then you will have to check the loan agreement terms and conditions especially the clause which talks about what will happen on death of the borrower and guarantor.
If it does not say anything then you can speak to the bank/society and find out what are they planning to do. Basis that you can negotiate with them to retain the house.

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Manjula Shanmugasundaram

Experience: 18 Year(s)

Responded 3 weeks ago

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A. ) Was there any loan insurance? Is any property mortgaged? If you tell us these details, we could come with a good answer.

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Anonymous

Replied 3 weeks ago

Home loan.. 3 cent two floor home.. Ten lakh loan.. 18000,per month.. We cant pay. I askd to society staff if thr s any insurance for thz.. They said no and said tht they will arrange a risk fund for died person.. Thtsl..

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Manjula Shanmugasundaram

Experience: 18 Year(s)

Replied 3 weeks ago

In that case, you can pay of a portion of the loan from the risk fund. Later you would have to make payments on your own. Otherwise they can take action against the property. You can ask the society for restructuring of the loan to give you smaller EMIs for a longer period. But it would be their discretion.

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Anonymous

Replied 3 weeks ago

If am a minor person .. My parents are no more.. Thn how can i make payments own? Now Am in a seriou issue... I hv my eduction loan too.. Also i hv only this 3 cent homee.. How i sale this.. For th payment..... Am trying to go for a case... Am not even recovered frm ma parents death..?

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Manjula Shanmugasundaram

Experience: 18 Year(s)

Replied 3 weeks ago

You don't have to sell it. From your words, I understood that the property is actually mortgaged.

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