Legal Question in Banking Law in India
How much a co borrower responsible to repay the loan in case of death of primary applicant. What's the legal actions against him in case of default
Asked on 3/13/16, 3:55 am
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
13.03.2016
Dear Sir / Madam,
A co-borrower remains liable to repay at least a minimum of 50% of the outstanding loan amount as on the date of the borrower's demise.
Regards,
Answered on 3/13/16, 8:42 am
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