Legal Question in Real Estate Law in India
My father had taken a loan of 10 lakh from a friend around 30 years back to construct a house. Now the value of house is around 2 crore and my father has died. My father didn't pay any interest to his friend and the amount getting increased years on year
My father has died without writing a will. I have a sister also who is married. Now we want to sell the property. Are we liable for this loan also. Do we need to ay back this loan if we sell the property. The loan amount now stands at 60-70 Lakh
Please guide
Asked on 8/19/14, 10:20 am
1 Answer from Attorneys
What are the papers signed by your father? Does his friend possess money lending license? If all legal formalities are fulfilled he can claim only 20 lacs ie double of the principle.
Answered on 8/19/14, 9:07 pm
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