How to repay loan after demise of borrower? - Property Hotline
July 1, 2016
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6:01Now PlayingHow to repay loan after demise of borrower? - Property Hotline
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as posted by the channelBe Un Confused
Expert: Kartik Jhaveri, Founder & Director, Transcend Consulting India Pvt Ltd
Question: My friend took a home loan and repaid 20-24 months’ worth EMIs. He recently passed away in an accident. What procedure should we follow to repay the loan in this case?
Answer: This can be done with two methods:
1)Repayment
2)The legal heir must initiate the transfer to his/her/their names and then individual can repay the loan by using the insurance policy.
In case the outstanding loan amount cannot be repaid by the legal heirs of the deceased borrower nor are they eligible to borrow money, the bank will take possession of the property. It will recover the outstanding loan amount from the sales proceeds of the property. Any residual value will be paid to the legal heirs of the deceased borrower.
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