Legal Question in Banking Law in India
My father passed away in august 2007. He had taken a loan of 1Lakh in cooperative bank from kerala(India) in 2004, where he has his property as surety.
My mom, sister and myself has inherited the property now. To release the property, the bank is asking us to repay 2 lakhs.
The interest amount added for that loan after my dads demise is around Rs.70000
Should I be paying the total amount to get the land released or can I pay just the amount that my dad has taken has loan and the interest that was accured till his demise. can I waive the Rs.70000/-
2 Answers from Attorneys
Make a request to the Co.operative Bank to waive some or total interest. If they don't agree, you have to pay the amount as calculated by them in their accounts subject to verification of any payments received by them from your father. It is for the Bank to waive or not waive interest
i agree with Adv Radhakrishnan
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