Legal Question in Civil Rights Law in India

death of one owner in co-owner property

I am planing to take a home loan with co-ownership and co-applicantion with my father. If I make a will that my share on the property should be transferred to my wife and if I dies and there is some amount remaining on loan. Who will be liable to pay the remaining emi's my father only as he is the co owner or my father and my wife too as my share of property is transferred on her name as per my will.


Asked on 12/30/08, 8:01 am

1 Answer from Attorneys
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: death of one owner in co-owner property

The loan amount will have a lien against the property. If you wife would be unable to make payment of her part of the EMI, the same may be paid by co-owner and he may have his lien on the property to that extent; alternatively, the property may be sold to clear the loan amount.

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Answered on 12/30/08, 9:00 am


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