Sir/ma'am my father took a housing loan from icici bank.his unfortunate death caused us alot trouble in repaying the loan.even after his death we continued to pay the emi for about 60 months.now we are bankrupt. can bank consider all emis as principal amount and forgive the interest? is there any way to make a deal with bank ? please reply..i am in trouble. thanks
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1. Payment of secured loan becomes obligatory on the part of the legal heris of the borrower as the failure to pay it
makes the property mortgaged before the creditor vulnerable for attachment and sale.
2. The legal heirs enjoy no special benefit as far as payment of loan is concerned.
3. However the creditor/Bank at its discretion may provide a flexible term for repayment of loan but waiver if interest is very unlikely.
1. When the mortgaged property is difficult to be taken npossession of & sold for whatever reason, the Bank settle for even ledger balance,
2. Private Banks may not yield at all if the property is saleable to realise the outstanding dues,
3. Talk to the Bank personally.
1)what is the balance amount of loan payable ?
2) if you are unable to pay balance amount of loan you can find buyer for said property .
3) after repayment of loan balance sale proceeds would be received by you .
4) in the alternative apply for rescheduling of loan
Banks while lending housing loan will have a tie up with insurance companies, so that in case of any unfortunate happenings like the death of the borrower, automatically the insurance amount comes to the rescue of bank. Pls check up why such cushion was not available in that particular bank. You can talk to the bank people to reschedule the EMIs. If there were to be a guarantor, bank would proceed to recover the loan amount from the guarantor or else bank would auction the property and recover its dues and the remaining amount over and above the due would be given to legal heirs. In the alternative, if there is a ready buyer for the property, then the buyer would clear the bank loan on the property and he would pay the balance sale consideration to the legal heirs.
