Legal Question in Credit and Debt Law in India
who is first responsible whether legal heirs or guarantor to pay the outstanding loan after the death of borrower if there is no any mortgage with the bank
Asked on 5/20/14, 7:28 am
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
20.05.2014
Dear Sir / Madam,
The legal heirs remain morally bound to repay and settle the outstanding loan of the deceased borrower prior to the guarantor being called upon by the bank for settlement of the loan amount.
Regards,
.
Answered on 5/20/14, 8:00 am
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