Demise of co-applicant who was owner of mortgaged property
4 years ago
My bother availed a loan against a property owned by my late Father. My Father was a "co-applicant". The property is situated in Haryana.
After his death, the property has been bequeathed to me, and my brother ( who is the borrower) in his Will.
My questions are:
Does the bank now require additional documentation now that the original owner of the mortgaged property has passed away ?
Am I liable to any extent to repay the loan, in case of a default by my brother since the loan was availed against a property to which I am now the legal heir ?
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