Legal Question in Banking Law in India
father loan is dominate the son issuing of no dues cert. in bank?
Asked on 1/20/16, 1:07 am
2 Answers from Attorneys
No normally. If father is co-obligant then Yes. Furnish full facts not presumption or one line.
Answered on 1/20/16, 1:20 am
Fca Prashant Chavan
Expert Edge LLP
20.01.2016
Dear Sir / Madam,
No, on settlement of the father's loan, irrespective of whether the father or his son has repaid and settled the loan, the loan documents (title deeds of property etc,) will be handed over by the Bank to the father only, and not to the son. Loan Clearance Letter (No Dues Certificate) will also be addressed in the father's name and handed over to him by the Bank.
Regards,
Answered on 1/20/16, 1:40 am
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